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Citigroup CEO on layoffs: No time for bystanders

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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.

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Ford’s all-electric plan for Europe proves too challenging to achieve by 2030

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Ford has revised its plan to go fully electric in Europe by 2030, admitting it was too ambitious.

Originally aiming to transition entirely to electric vehicles, the automaker now plans to continue producing some internal combustion engine vehicles alongside electric ones.

Mike Costello from Cox Automotive joins for the latest. #featured

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Democrats scramble to rally behind Harris as Trump allies launch next phase of campaign

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Biden Withdraws: President Joe Biden Ends Reelection Bid, Endorses Kamala Harris.

 

After weeks of battling to salvage his political career – claiming he wouldn’t be stepping down after a disastrous debate performance – the president’s sudden change of course was not announced through an Oval Office address or a campaign speech. Instead, it was revealed in a letter posted to social media while he was recovering from Covid-19 at his beach house in Delaware.

“And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote in a letter posted to X.

Harris expressed her gratitude for Biden’s endorsement, stating she is “honoured” and committed to “earning and winning” the nomination. Should she secure the nomination, Harris would make history as the first Black woman and first Asian American to lead the ticket of a major political party. To facilitate her candidacy, the Biden-Harris campaign has updated its filings with the Federal Election Commission, renaming its principal committee to reflect Harris’s new status as a presidential candidate.

Despite Biden’s support, the path forward remains uncertain. It is unclear whether Harris will automatically become the nominee or what alternative processes the Democratic Party might consider. Additionally, sources suggest that Senator Joe Manchin, an independent from West Virginia, is contemplating re-registering as a Democrat to enter the presidential race.

In response to Biden’s withdrawal, former President Donald Trump criticised Biden as “the worst president by far in the history of our country” during a call with CNN. Trump has also launched a fundraising appeal to rally his supporters.

 

 

 

 

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Trump allies launch campaign against Kamala Harris as he boasts an easier victory

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Donald Trump has said he thinks Kamala Harris will be easier to beat than Joe Biden.

With Biden out, Trump’s campaign will now adjust its strategy, focusing on attacking Harris and any other possible Democratic candidates. They aim to convince voters that Harris would be just as ineffective as Biden.

Biden faced growing doubts about his ability to win re-election, especially after a weak debate performance against Trump. Some Democrats also lost confidence in his leadership, leading him to step down.

Donald Trump said he thinks Kamala Harris will be easier to defeat than Biden. Trump and his team quickly began attacking both Biden and Harris online, claiming that Biden was not fit to be president and that Harris would be just as bad.

Allies of former President Donald Trump quickly launched their campaign against Vice President Kamala Harris on Sunday afternoon, preparing a series of anti-Harris ads and planning their strategies for attacking her.

“I call her laughing Kamala,” Trump told the crowd, during his nearly two-hour appearance. “You can tell a lot by a laugh. She’s crazy. She’s nuts.”

 

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