Citigroup will cut 20,000 jobs by the end of 2026 after enduring a steep loss in the last quarter as it presses ahead with a sweeping restructuring.While chief executive, Jane Fraser, hailed 2024 as a “turning point” for the American banking group, Mark Mason, its chief financial officer, acknowledged that job cuts are “tough on morale” as he outlined the planned reductions.Citi currently has 239,000 staff across the world. The lender plans to reduce this by 20,000 as part of a reorganisation, Mason said.Ex ...

From the humble luggage tray to filters that mask smells at sewage plants, the sale of some of Britain’s most pedestrian assets to the world’s largest money manager is to bring a multimillion-dollar payday to a small clutch of little known bankers.Global Infrastructure Partners (GIP), which boasts a $100bn (£79bn) collection of companies including Gatwick airport and the Suez wastewater group, has been sold to the US investment firm BlackRock in a $12.5bn deal.The price tag puts each of GIP’sfounders and pa ...

Starbucks, the coffee chain that has long portrayed itself as an ethical business and fair employer, is being sued by a US consumer group that claims its image is a deception that hides multiple instances of labor and human rights violations in the making of its products.While the coffee giant has committed to “100% ethical” sourcing, the lawsuit claims it has instead misled the public by procuring materials from farms and cooperatives that have committed various violations against workers.“On every bag of ...

Boeing is facing a formal investigation into whether it made sure 737 Max 9 planes were “in a condition for safe operation” after a cabin panel blew off during an Alaska Airlines flight.“This incident should have never happened, and it cannot happen again,” the Federal Aviation Administration said, announcing an investigation into whether the planemaker “failed to ensure” the jets complied with safety regulations.The FAA grounded 171 737 Max 9 planes with plug doors over the weekend. “The safety of the flyi ...

Facebook and Instagram have been profiting from placing corporate adverts from companies such as Walmart and Match Group next to content potentially promoting child sexual exploitation, a legal filing alleges.The accusation is the latest in an explosive lawsuit initiated in December by Raúl Torrez, the New Mexico attorney general, against Meta claiming the company “enabled adults to find, message and groom minors” for sexual exploitation. The suit follows a Guardian investigation in April, which revealed th ...

Passenger safety, “not speed”, will determine how soon Boeing’s 737 Max 9 jets return to the skies following the blowout of a cabin panel during an Alaska Airlines flight last week, regulators have declared.Dozens of Max 9 planes have been grounded following Friday’s incident, awaiting inspection amid heightened concerns around safety. Alaska and United Airlines have since both found loose parts on several jets.Boeing has sought to reassure regulators, airlines and passengers. Dave Calhoun, the company’s ch ...

Meta said on Tuesday it would hide more sensitive content from teenagers on Instagram and Facebook amid global pressure from regulators for the social media giant to protect children from harmful content on its apps.The move will make it more difficult for teenagers to come across sensitive content such as suicide, self-harm and eating disorders when they use features like Search and Explore on Instagram, according to Meta. All teenagers’ accounts will by default be under the most restrictive content contro ...

US aviation investigators were on the ground in Oregon on Sunday trying to figure out what caused a door panel to blow out of a brand new Boeing passenger jet just minutes after takeoff, forcing pilots to make an emergency landing with a hole “the size of a refrigerator” in the side of the plane.The American jet maker was facing fresh scrutiny as regulators temporarily grounded the Boeing 737 Max 9 aircraft after a section of a plugged exit door on an Alaska Airlines flight detached 16,000ft (4,877 meters) ...

Activist hedge funds ValueAct Capital and Blackwells Capital moved to back Disney as the business defends itself against a challenge from a third activist investor, Trian Fund Management.The unusual twist in the battle for Disney’s board underscores the high stakes in the company’s attempted turnaround under CEO Bob Iger.Iger led Disney from 2005 to 2020, and returned to the helm in November 2022 as investors punished the company’s stock for a $1.5bn quarterly loss in its streaming division and the underper ...

A Dutch manufacturer has cancelled shipments of hi-tech microchip machinery to China after pressure from the US government, it has been reported.ASML, a key firm in the global semiconductor manufacturing supply chain, was due to export three chip-making machines to China but had its export licences revoked by the Dutch government before they were shipped.The company is one of the only manufacturers of extreme ultraviolet lithography systems (EUVs), which use lasers to help create the circuits for chips.The ...