Top U.S. bank begins massive layoffs
By Will Kessler
One of the U.S.’ top banks will begin massive layoffs on Wednesday in a corporate overhaul as the company seeks to trim its operating expenses to levels more in line with its competitors, according to CNBC.
Citigroup will begin cutting employees on Wednesday, with new terminations continuing to be announced through next week, affecting some chiefs of staff, managing directors and lower-level employees, according to CNBC. Following the initial round of layoffs, more employees in less senior positions are expected to be dismissed in February, with the layoffs being expected to be fully completed by March 2024.
“We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day,” Citigroup said in a statement to the Daily Caller News Foundation.
Jane Fraser, CEO of Citigroup as of March 2021, began the shuffle on Sept. 13 after a memo resulted in the dismissal of a number of senior executives while consolidating to just five division heads that report directly to her, according to CNBC. At least 10% of employees at the bank are expected to be dismissed, but the full amount has yet to be determined, with laid-off employees being able to apply for other positions across the company.
Citigroup is America’s third-largest bank by assets but has the second-largest workforce, with 240,000 employees as of the third quarter of 2023, compared to 308,669 at the largest bank, JPMorgan Chase, according to Barron’s. JPMorgan has 65% more assets than Citigroup, but only 29% more employees.
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Wells Fargo, Bank of America and JPMorgan all boast significantly greater profits as compared to expenses than Citigroup, according to Barron’s. The stock price of the bank has also taken a hit since Fraser began as CEO, dropping 40%.
America’s megabanks have been posting huge profits since the sector was shaken by a banking crisis earlier this year after a few regional banks, including First Republic Bank, shut down following a series of bank runs. JPMorgan, which acquired First Republic, reported that its net income was up 35% in the third quarter of 2023.
Source: Dinar Recaps
Governorates that decided to suspend official working hours on Thursday
Baghdad Today – Baghdad
Six Iraqi provinces announced the suspension of official working hours for schools and universities today, Thursday (November 16, 2023), due to rain.
The provinces of Najaf, Dhi Qar, Salah al-Din, Maysan, Muthanna and Diwaniyah decided to suspend the official working hours of schools and universities on Thursday due to heavy rain and bad weather.
The governorates excluded the exams for the third round of the holiday, in addition to the service, security and health departments.
Al-Sudani: Iraq’s victory in membership in the Executive Council of UNESCO represents its return to international affairs
Wednesday, Prime Minister Muhammad Shiaa Al-Sudani congratulated all Iraqis on the occasion of Iraq’s victory in membership in the Executive Council of UNESCO.
Al-Sudani said on the (X) platform, “We extend our sincere congratulations and blessings to all Iraqis, their academics and cultural elites, on the occasion of Iraq’s winning membership in the Executive Council of UNESCO, which represents the highest scientific and cultural authority in the world.”
He added, “Iraq’s return to important international fronts represents a natural entitlement for our beloved country, which has given the world knowledge, science, and culture in ancient times and modern times.
It also falls within the government’s policy and program to restore Iraq’s position in all international forums. Thank you to the countries that voted for Iraq, and salute to the efforts made by Iraq’s representatives to obtain this entitlement.” link
Parliamentary Finance stresses the necessity of accelerating the implementation of the comprehensive banking system
Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, stressed today, Wednesday, the necessity of accelerating the implementation of the comprehensive banking system, while stressing the importance of facilitating loan granting procedures.
The media office of the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, said in a statement received by Mawazine News, “Al-Atwani chaired a session hosting government bank directors, to discuss ways to achieve banking and financial reform in the country,” noting that “the meeting, which was attended by representatives, members of the Finance Committee and bank directors Al-Rafidain, Al-Rasheed, Real Estate, Industrial, and Agricultural, discussed a number of important files related to the work of government banks, including mechanisms for granting banking facilities in granting loans and reducing interest rates and other services.”
He added, “The meeting reviewed the steps for preparing the banking reform paper in line with the government program, through the implementation of the comprehensive banking system.“
Al-Atwani stressed “the necessity of accelerating the implementation of the comprehensive banking system,” pointing out that “we will hold joint specialized workshops in order to prepare a draft of the government banks work law.”
He stressed “following up on the steps to prepare the banking reform paper,” expressing his support for “efforts to improve and advance this vital, important sector.”
He pointed to “the importance of facilitating loan granting procedures and studying their economic feasibility in order to achieve development,” explaining that “automating systems and programs is the only way to get rid of routine and fight corruption.”
He stressed “accelerating the completion of the steps to transition from the paper system to the electronic system for all sectors and institutions,” pointing to “the importance of preparing data centers in accordance with the standards of the Central Bank and international banks.”
He stressed, “The Real Estate Bank must complete lending transactions for citizens who have completed disbursement procedures within the housing initiative.” link
Parliament Finance indicates the reason for the decline in the exchange rate and talks about “a crackdown on smugglers” – urgent
Baghdad Today – Baghdad
In recent days, local markets have witnessed a decline in the exchange rate of the dollar against the Iraqi dinar, reaching 158 thousand for every 100 dollars. The Finance Committee in the House of Representatives indicated the reasons for the decline, while revealing “control over smugglers.”
Committee member Moin Al-Kazemi said today, Thursday (November 16, 2023), that “there is security and intelligence progress in the file of identifying dollar smugglers, and during the past days a number of them have been overthrown.”
Al-Kadhimi indicated in an interview with “Baghdad Today” that “this greatly affected the decline in the dollar exchange rate in the parallel market.”
The member of the parliamentary finance committee, that “there is great economic importance to thwart the smuggling of foreign currency,” pointing out that “there is government interest in this file and the security and intelligence services have information about those parties and personalities and work is continuing to pursue them and overthrow them.”
Yesterday, Wednesday (November 15, 2023), the National Security Agency announced the arrest of the most dangerous person involved in the currency smuggling file through its management of more than one bank and financial institution.
The agency said in a statement received by “Baghdad Today”, that “in implementation of the directives of the Prime Minister to follow up the file of currency smuggling strike and speculation and to complete the series of qualitative operations and painfuls carried out by the National Security Service against organized crime gangs that seek to sabotage the national economy, and direct damage to the lives and security of citizens, and after an intelligence and field effort, we announce the arrest of one of the most dangerous involved in the file of currency smuggling Through his management of more than one bank and financial institution.”
He added, “The operation took place according to due process after the defendant tried to escape outside the country,” noting that “the defendant, through owning several banks that have dealings with many exchange companies, was controlling the circulation of tens of millions of dollars daily outside the legal context.”
Source: Dinar Recaps
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