Citigroup on Friday said it will slash 20,000 jobs. The reductions, detailed in the company’s fourth-quarter financial results deck, can be linked to Citi continuing to execute its ongoing reorganization.Citi will axe the positions "over the medium-term," something that should ultimately bring its expenses down by $2-2.5 billion, according to the company.  The job cuts will shrink the roughly 200,000-person workforce excluding Mexico that Citi reported it employed at 2023’s year-end by 10%. When counting Me ...

JPMorgan Chase reported its best-ever annual profit and forecast higher-than-expected interest income for 2024 even as quarterly profit fell due to a $3 billion charge the bank took to replenish a government deposit insurance fund. The largest U.S. lender has benefited from its acquisition of failed First Republic Bank in May that brought in billions of dollars of loans and bolstered its net interest income (NII) - the difference between what banks make on loans and pay out on deposits.The bank said it expe ...

Bank of America's fourth-quarter profit shrank as the lender took $3.7 billion in combined charges to refill a government deposit insurance fund and phase out a loan index. Its net interest income (NII) - the difference between what banks earn from loans and pay to depositors – fell 5% to $13.9 billion as the company spent more to keep customer deposits and demand for loans stayed subdued amid high interest rates.After a windfall year in 2023, BofA expects NII to dip to a trough in the first half of this ye ...

Microsoft on Thursday briefly overtook Apple as the world's most valuable company for the first time since 2021 after the iPhone maker's shares made a weak start to the year on growing concerns over demand. Microsoft's shares have risen sharply since last year thanks to the early lead the company has taken in generative artificial intelligence through an investment in ChatGPT-maker OpenAI. They were up 0.7% on Thursday, giving Microsoft a market value of $2.865 trillion. Ticker Security Last Change Change % ...

Google is cutting hundreds of roles as part of ongoing efforts to cut costs. A few hundred employees working on the company's voice assistant and another few hundred people working on the augmented reality hardware team will be affected by the latest cuts. A few hundred roles within its central engineering team are also impacted. Some roles that are being axed will impact global teams. BLACKROCK LAYOFFS COMING AS FIRM MATURES, ESG PULLBACK AND BITCOIN ETF APPROVAL"We’re responsibly investing in our company' ...

Walmart is taking a page from Google, Apple and Meta's playbooks. It is constructing its own sprawling campus in the heart of Arkansas to not only attract talent but drive employee productivity.  On Friday, the Walton Family Whole Health & Fitness is opening its doors, marking the first of many buildings and amenities slated to be constructed on the company's new home office complex through 2025.The fitness facility, sitting on Walmart's 360,000-square foot complex, comes equipped with tennis courts, pickle ...

The leader of the largest private employer in New York City weighed in on the big city exodus during an exclusive interview with Maria Bartiromo on Tuesday. "San Francisco is in far worse shape than New York," JPMorgan Chase CEO Jamie Dimon declared on "Mornings with Maria.""Any city who doesn’t do a good job, it will lose its population," he stressed while explaining the difference between San Francisco and New York. The big bank CEO is currently in San Francisco for the J.P. Morgan Healthcare Conference d ...

Tech and retail giant Amazon.com is trimming its headcount further with fresh rounds of layoffs, this time in its media divisions. Mike Hopkins, senior vice president of Prime Video and Amazon MGM Studios informed staff in an internal memo Wednesday that the organization would be "eliminating several hundred roles" by the end of this week. Hopkins explained in the note, which Amazon shared with FOX Business, that the reasoning behind the layoffs is that the company has "identified opportunities to reduce or ...

Tesla has brought its upgraded Model 3 to North American markets. The latest iteration of the all-electric sedan received upgrades on both the outside and inside, Elon Musk-run Tesla said Tuesday night in an X post.The exterior of the Model 3 now features an "upgraded exterior styling optimized for max aerodynamics," as well as a "stiffer body & updated suspension tuning," according to the electric vehicle maker. TESLA PLANNING TO ROLL OUT UPDATED MODEL Y FROM CHINA PLANT: REPORTTesla also added "Stealth Gr ...

Walmart is upping its drone capabilities, expanding the delivery service to 1.8 million additional households throughout North Texas in a bid to compete with rivals such as Amazon.  The company's drone delivery will now reach 75% of households throughout the Dallas and Fort Worth area. This expansion will impact stores across more than 30 towns and municipalities in the metroplex, Walmart said.The Arkansas-based company touted that it's the first retailer to offer drone delivery to this many households in a ...