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Citigroup CEO on layoffs: No time for bystanders

Published

2 years ago

September 30, 2023

ticker NEWS

Citigroup’s CEO, Jane Fraser, has unveiled a major restructuring plan that includes layoffs as the company seeks to streamline its operations and enhance profitability.

In a recent statement, Fraser emphasised the need to eliminate inefficiencies and ensure that every employee contributes actively to the bank’s success.

Fraser stated, “We don’t have room for bystanders. Citigroup is committed to being a leaner, more agile organization, and that means making tough decisions.”

This move comes as the financial industry faces increased competition, changing customer preferences, and technological advancements that require banks to adapt swiftly.

The overhaul plan aims to reduce costs significantly by cutting jobs across various departments. While specific numbers have not been disclosed, it is expected that thousands of employees will be affected. The restructuring will also involve consolidating certain business units and reallocating resources to areas with higher growth potential.

Citigroup’s CEO stressed that the goal is not just cost-cutting but also fostering innovation and digital transformation. The bank aims to invest in technology and modernize its services to meet the evolving needs of its customers.

As the financial industry continues to evolve, Citigroup’s decision to take proactive steps to remain competitive is in line with broader industry trends. Fraser’s leadership in making tough decisions reflects the bank’s commitment to staying relevant in a rapidly changing landscape.

News

Fourth death confirmed due to Optus outage issues

Fourth death confirmed following Optus outage that blocked Triple Zero calls for 13 hours during network upgrade

Published

9 hours ago

September 20, 2025

Ahron Young

Fourth death confirmed following Optus outage that blocked Triple Zero calls for 13 hours during network upgrade

In Short:
– A fourth death is confirmed due to an Optus network failure affecting emergency calls for 13 hours.
– Optus CEO announced an investigation after communication failures and criticism from politicians and emergency services.

A fourth death has been confirmed following an Optus network failure that prevented emergency calls to Triple Zero for 13 hours.

Initially, Optus reported three fatalities, including an infant and two elderly individuals from South Australia and Western Australia. The latest victim is a 49-year-old man from Perth.Optus CEO Stephen Rue expressed deep sorrow over the incident and announced a full investigation into the network update that caused the outage.

He stated that approximately 600 calls to emergency services were disrupted, impacting residents across South Australia, Western Australia, and the Northern Territory.

Rue confirmed that the outage stemmed from a problematic firewall upgrade and revealed details of communication failures within the company. Politicians and emergency services expressed anger at the lack of timely information during the crisis.

System Failure

South Australian Premier Peter Malinauskas criticised Optus for their incompetence in handling the situation.

The federal communications minister also condemned the company, highlighting that such failures are unacceptable.

The incident follows a previous outage for which Optus was fined $12 million, raising serious concerns about their emergency service handling.

News

Israel launches its new “Iron Beam” laser system

Israel’s new “Iron Beam” laser defense system to deploy by year-end, promising cost-effective missile interception.

Published

1 day ago

September 19, 2025

ticker NEWS

Israel’s new “Iron Beam” laser defense system to deploy by year-end, promising cost-effective missile interception.

Israel’s Defence Ministry says its new “Iron Beam” laser system will be deployed by year’s end. The technology is designed to destroy incoming missiles, rockets, drones and mortars with precision.

Developed by Rafael Advanced Defense Systems in partnership with Elbit Systems, Iron Beam will sit alongside existing defences such as Iron Dome, David’s Sling and Arrow. Unlike traditional interceptors which can cost tens of thousands of dollars per shot, the laser comes at negligible expense.

Officials call it the world’s first high-power laser interception system to achieve operational maturity, hailing it as a game-changer for modern warfare. Military leaders expect the system to reshape air defence capabilities and cut costs dramatically.

#Israel #Defence #LaserWeapons #TickerNews

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Stephen Colbert’s opening monologue on Jimmy Kimmel

Stephen Colbert condemns censorship and calls out Trump in powerful monologue dedicated to Jimmy Kimmel’s suspended show.

Published

2 days ago

September 19, 2025

ticker NEWS

Stephen Colbert condemns censorship and calls out Trump in powerful monologue dedicated to Jimmy Kimmel’s suspended show.

Stephen Colbert’s opening monologue is being hailed as one of the most powerful moments in modern late-night history. Standing on stage at the Ed Sullivan Theatre, Colbert dedicated his show to Jimmy Kimmel and his team after ABC suspended Kimmel’s programme under pressure from Washington.

Colbert called the move “blatant censorship” and directly accused President Trump of acting like an autocrat. “With an autocrat, you cannot give an inch,” he warned, making clear that the stakes reach far beyond late-night comedy.

#StephenColbert #JimmyKimmel #FreeSpeech #TickerNews