Following a surprising quarterly loss, US banking giant Citigroup plans to cut 20,000 jobs in the medium term. CEO Jane Fraser reported a “disappointing” final quarter with a loss of $1.8 billion. She anticipates a turning point in 2024 as the bank progresses with tightening structures and separating business units. The 20,000 jobs to be cut represent about eight percent of Citigroup’s recent 239,000 jobs. The restructuring will initially cost money, with the bank expecting $1 billion in special costs in 2024.

Despite high interest rates, Citigroup only increased revenues by four percent to $78.5 billion last year. It also set aside significantly more money for potential loan defaults. The surplus fell by 38 percent to $9.2 billion in 2023, partly due to the loss in the final quarter. The bank must deposit $1.7 billion into the deposit insurance fund, which had to intervene due to the collapse of two US institutions last year.

UBS announced on Friday that Australian Gail Kelly, born in 1956, will be proposed for election to the board of directors at the upcoming general meeting. She is to replace Dieter Wemmer, who is not available for re-election after eight years in office. Kelly has 35 years of professional experience and has worked as Group CEO and Managing Director for St. George Bank and Westpac Corporation in Australia. From 2016 to 2023, she worked as a Senior Global Advisor for the Group CEO and the Group Executive Board of UBS.

Electric car manufacturer Tesla has to largely stop production in Grünheide near Berlin for about two weeks due to attacks by Yemeni Houthi militias in the Red Sea on ships. As transport routes shift, a gap has emerged in the supply chains, Tesla announced on Thursday.

BMW grew faster in this segment than the overall market for fully electric vehicles, achieving a 15 percent share of the company’s total sales, said new sales director Jochen Goller. This year, BMW wants to sell more than half a million BEVs and increase the share of total sales to around 20 percent. “We continue to see high demand for our fully electric products,” said Goller, referring to 18 BEV models in the company’s range.

The Swiss labor market is on the way to normalization in 2023, according to the latest figures published by the State Secretariat for Economic Affairs (Seco) on Tuesday. Despite a slightly declining demand for labor, many companies still report difficulties in recruiting skilled workers. Currently, more people in Switzerland are leaving the labor market through retirement than young workers are entering the labor market.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Europe
Countries 🇺🇸 🇦🇺 🇩🇪 🇾🇪 🇨🇳 🇨🇭
Sentiment negative
Relevance Score 1
People Jane Fraser, Dieter Wemmer, Gail Kelly, René Benko
Companies Aargauische Kantonalbank, Tesla, Citigroup, UBS, Westpac Corporation, Signa-Gruppe, BYD, St. George Bank
Currencies Swiss Franc, US Dollar
Securities None

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