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Citibank Wealth Management Business Internal Audit Review Highlights Problems Including in Managing Clients Information & Account-Opening, Citibank Wealth Business Manages $515 Billion Assets
12th June 2024 | Hong Kong
Citibank wealth management business internal audit review has highlighted problems including in managing clients information & account-opening. Citibank wealth business manages $515 billion assets. In 2024 May, the UK Financial Conduct Authority (FCA) & Prudential Regulation Authority (PRA) have fined Citigroup a total of $79 million (£61.6 million – £27.7 million & £33.8 million) for a European fat-finger equity trade error in 2022 with $1.4 billion accidentally sold and triggering a European market 8% sell-off in minutes. In 2022 May, the Citigroup trader had created a $444 billion trade order instead of a $58 million order. Although Citigroup controls blocked $255 billion of trades, but $189 billion of orders were sent to Citigroup trading algorithm, with $1.4 billion equities sold before the trader cancelled the order. In 2024 March, Citigroup CEO Jane Fraser announced entering into the final phase of job cuts & restructuring to reduce Citigroup global workforce by 20,000 from 239,000 over 2 years (2023 to 202)5, with Citi already cut 5,000 jobs, 1,500 managers, and reduced management from 13 layers to 8 layers since 2023 September. In 2023 November, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
“ Citibank Wealth Management Business Internal Audit Review Highlights Problems Including in Managing Clients Information & Account-Opening, Citibank Wealth Business Manages $515 Billion Assets “
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Citigroup Announced Final Phase of Job Cuts & Restructuring to Reduce Global Workforce by 20,000 from 240,000 Over 2 Years from 2023 to 2025, Already Cut 5,000 Jobs, 1,500 Managers, Reduced Management from 13 to 8 Layers Since 2023 September
28th March 2024 – Citigroup CEO Jane Fraser has announced entering into the final phase of job cuts & restructuring to reduce Citigroup global workforce by 20,000 from 239,000 over 2 years (2023 to 202)5, with Citi already cut 5,000 jobs, 1,500 managers, and reduced management from 13 layers to 8 layers since 2023 September. In 2023 November, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
Citigroup with 240,000 Employees Announced 300 Senior Managers Job Cuts & Management Layers Reduced from 13 Layers to 8 Layers, Reduced 15% of Functional Roles & Eliminated 60 Committees, 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
23rd November 2023 – Citigroup (22/11/23: $86.1 billion market value) with 240,000 employees has announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Citigroup with 240,000 Employees to Announce Job Cuts & Management Changes, Announced 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
18th November 2023 – Citigroup (18/11/23: $86.8 billion market value) with 240,000 employees is reported to be announcing job cuts & management changes, having announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser in September 2023. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
Citigroup Announces 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser, Shahmir Khaliq as Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, Gonzalo Luchetti as Head of US Personal Banking
16th September 2023 – Citigroup has announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser, with Shahmir Khaliq appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
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