Citigroup made history in 2020 when it named the head of its consumer banking division, Jane Fraser, as successor to then-CEO Michael Corbat. In doing so, Citigroup became the first bulge bracket U.S. bank to be led by a woman. And so far, Fraser is signaling her willingness to go big and reorganize: Citigroup announced plans to shutter its consumer banking operations in 13 markets and has reshuffled leadership since the executive officially assumed her role. One mess that is still frustrating investors: In mid-2020 loan operators at Citi accidentally wired roughly $900 million to lenders of makeup company Revlon. While some recipients returned the funds, Citi has been unable to recoup hundreds of millions of dollars in the ongoing saga.
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Latest news for Citigroup
- FinanceJamie Dimon warns a woman is no shoo-in to replace him as JPMorgan Chase CEONovember 22, 2021 3:14 PM UTC
- HealthCiti announces it will require all U.S. employees to be fully vaccinatedOctober 28, 2021 5:47 PM UTC
- FinanceCiti will be the first Wall Street bank to agree to a racial auditOctober 22, 2021 8:40 PM UTC
- NewslettersBitcoin nears $60,000—Global stocks jump on earnings optimismOctober 15, 2021 9:26 AM UTC