Citigroup slashes banker promotions in cost-cutting drive: report

Citigroup CEO Jane Fraser will slash the number of bankers getting year-end promotions as the Scottish-born executive looks to clamp down on costs, according to a report.Just 2,000 Citi employees can look forward to an early Christmas present of a pay raise and a more senior title, down from 8,000 in previous years, the Financial Times reported on Tuesday. The pay hikes for promotions are expected to be limited to 15%, the British financial newspaper added, citing four sources familiar with the matter.Jane ...