One scoop to start: EY agreed to terminate a consulting contract and refund millions of pounds to Santander’s UK business after failings in its anti-financial crime work for the bank, said three people with knowledge of the matter. Speaking to the bank’s 240,000 employees at a town hall last week, Citigroup boss Jane Fraserdidn’t mince words: “Get on board” with her bold management overhaul, or “get off the train”, she said, according to people who heard the remarks. The former McKinsey partner who became the first woman to head up a big bank on Wall Street in 2021 has a lot riding on whether her colleagues are up for the journey.
As part of the previously announced reorganization efforts, Citigroup (C) alerts employees in the U.K. of probable job cuts.
Citigroup (NYSE:C)'s CEO, Jane Fraser, has initiated a significant restructuring of the bank, marking the most substantial overhaul in 15 years. The plan aims to shift the bank's focus from geographical divisions to its individual business units. The restructuring strategy has been met with mixed reactions internally due to uncertainty surrounding job cuts and cost reduction targets.