Citigroup plans to slash 20,000 jobs over the next two years after the struggling bank reported its worst fourth-quarter earnings in 15 years Friday. CEO Jane Fraser — who announced a sweeping overhaul last November to consolidate departments – seeks to bring the New York-based bank’s global headcount down to 180,000. Citi currently has 239,000 employees worldwide, its Chief Financial Officer Mark Mason said after the bank reported a $1.8 billion loss for the fourth quarter.Aside from the 20,000 job cuts, ...

BlackRock said Friday it would buy Global Infrastructure Partners for $12.5 billion in a major bet on alternative assets and announced a shake-up of its top management.The deal, which includes $3 billion in cash and 12 million BlackRock shares, will put the asset management giant at the heart of investing in ports, power, and digital infrastructure projects around the globe. Once the deal closes, the firm will hold approximately $150 billion in infrastructure assets across a portfolio that ranges from the ...

Disney-owned Pixar, the animation studio behind blockbuster franchises “Toy Story,” The Incredibles” and “Finding Nemo,” is set to slash jobs, according to reports. The studio has “completed production on some shows and now has more staff than it needs,” Reuters reported on Friday, citing an anonymous source. TechCrunch had reported earlier this week that Pixar will chop headcount by as much as 20% this year, reducing staffing to roughly 1,000 from the current 1,300 that work for the studio.However, the an ...

Former vice president Al Gore is retiring from Apple’s board of directors after more than two decades as part of a major shakeup, the company announced Thursday.Gore, 75, had served as a board director for the Cupertino, Calif.-based company since 2003. Also exiting from the eight-member board is former Boeing CFO James Bell, also 75, who had held a seat since 2015.Apple’s board has a longstanding policy that directors can’t stand for re-election once they turn 75. Gore and Bell had both hit the age cap.Wa ...

JPMorgan Chase posted a record annual profit — nearly $50 billion — despite taking a $3 billion hit in the fourth quarter to replenish a government deposit insurance fund, the Wall Street giant said Friday.The nation’s largest lender hauled in $49.6 billion last year to post an impressive 31% improvement from its bottom line in 2022, blowing past economists’ expectations.Shares of the bank climbed 2.3% before the opening bell.CEO Jamie Dimon reiterated his view that the economy remained resilient but warne ...

CVS Health said Thursday it will close some pharmacies that operate inside Target stores during the first several months of the year.The closures will begin in February and be completed by the end of April, a company spokesperson said. Prescriptions will be transferred to a nearby CVS Pharmacy prior to closing, the spokesperson added.The Wall Street Journal reported dozens of pharmacies are affected.The closures will begin in February and be completed by the end of April, CVS said. CVS Health via AP ImagesU ...

Netflix has seen subscriptions for its lower-priced advertising tier soar — jumping by 8 million over the past two months, the company said.The streaming giant — which rolled out its Basic With Ads plan for $6.99 a month in November 2022 — has amassed more than 23 million global monthly active users, according to Netflix’s president of advertising Amy Reinhard. That total stood at just over 15 million shortly after the company announced its third-quarter earnings last October.The ad-tier subscriptions acco ...

Google will lay off several hundred workers across multiple parts of its business as the search giant shifts more resources toward the rapid development of artificial intelligence, the company confirmed Thursday.A few hundred employees were cut from Google’s core engineering team, the company said. Google also cut hundreds of workers from the division working on its “Voice Assistant” program.Google slashed hundreds of other roles while streamlining its hardware division, which is responsible for devices su ...

Microsoft overtook Apple as the world’s most valuable company after the iPhone maker began in 2024 with its worst start in years due to growing demand concerns.Shares of Microsoft rose 1.5% in early trading hours on Thursday, giving the company founded by Bill Gates a market cap of $2.88 trillion.The Redmond, Wash.-based company’s surge has been attributed to its early lead in the generative artificial intelligence race, including its $1 billion investment in ChatGPT-maker OpenAI in 2019. Microsoft recentl ...

JPMorgan’s chief executive Jamie Dimon declared that “San Francisco is in far worse shape than New York” as he blasted major US cities for failing to “do a good job” when it comes to safety and housing shortages.“I think every city, like every country, should be thinking about what is it that makes an attractive city, you know, its parks, its art, but it’s definitely safety,” Dimon added to Fox.“Any city who doesn’t do a good job, it will lose its population,” Dimon also stressed, applauding companies that ...