TNT:
LouNDebNC: Top U.S. bank begins massive layoffs
By Will Kessler
One of the U.S.’ top banks will begin massive layoffs on Wednesday in a corporate overhaul as the company seeks to trim its operating expenses to levels more in line with its competitors, according to CNBC.
Citigroup will begin cutting employees on Wednesday, with new terminations continuing to be announced through next week, affecting some chiefs of staff, managing directors and lower-level employees, according to CNBC. Following the initial round of layoffs, more employees in less senior positions are expected to be dismissed in February, with the layoffs being expected to be fully completed by March 2024.
“We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day,” Citigroup said in a statement to the Daily Caller News Foundation.
Jane Fraser, CEO of Citigroup as of March 2021, began the shuffle on Sept. 13 after a memo resulted in the dismissal of a number of senior executives while consolidating to just five division heads that report directly to her, according to CNBC. At least 10% of employees at the bank are expected to be dismissed, but the full amount has yet to be determined, with laid-off employees being able to apply for other positions across the company.
Citigroup is America’s third-largest bank by assets but has the second-largest workforce, with 240,000 employees as of the third quarter of 2023, compared to 308,669 at the largest bank, JPMorgan Chase, according to Barron’s. JPMorgan has 65% more assets than Citigroup, but only 29% more employees.
Is Joe Biden to blame for the current problems in banking?
Wells Fargo, Bank of America and JPMorgan all boast significantly greater profits as compared to expenses than Citigroup, according to Barron’s. The stock price of the bank has also taken a hit since Fraser began as CEO, dropping 40%.
America’s megabanks have been posting huge profits since the sector was shaken by a banking crisis earlier this year after a few regional banks, including First Republic Bank, shut down following a series of bank runs. JPMorgan, which acquired First Republic, reported that its net income was up 35% in the third quarter of 2023.
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Goldilocks: (Wednesday Night) Good evening Dinar Recaps,
IMF says central bank digital currencies can replace cash: ‘This is not the time to turn back’
https://www.cnbc.com/amp/2023/11/15/imf-says-central-bank-digital-currencies-can-replace-cash.html
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The IMF’s new Central Bank Digital Currency Virtual Handbook—launched today—aims to share knowledge, lessons, and frameworks to help guide policymakers as they explore, develop & implement CBDCs. The first 5 chapters are available now, with more to come! bit.ly/49EAXL5
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For a fresh assessment of global banking vulnerabilities in a still-elevated inflation and high-interest rate environment, check out Chapter 2 of the latest IMF Global Financial Stability Report #GFSR. bit.ly/3tE1GHa
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SILVER RED ALERT! US Mint, CFTC & LBMA All Prove Silver Market is BROKEN! BUY, BUY, BUY!! (Bix Weir)
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Courtesy of Dinar Guru https://www.dinarguru.com/
Frank26 [Bank Story] I called JP Morgan Chase corporation office and I was told when the Iraqi dinar is reinstated… FRANK: What?? Chase told you this?! Bank Story: He said when the IQD is reinstated I am supposed to go to Houston, Texas Chase Bank and they would be able to exchange my currency and set up a private account there for me. I just wanted to share my JP Morgan Chase story with you. This is amazing isn’t it? FRANK: Follow up on this don’t leave it there. [Post 1 of 2….stay tuned]
Frank26 [Bank Story] BANK STORY MAN: I called JP Morgan Chase financial office again just to make sure that it wasn’t a fluke and reassuring myself…This time I got a different advisor…Guess what? He told me the same thing…that Iraq was about to reinstate their currency…I wanted to find out in Houston area which JP Morgan Chase Bank would be exchanging the Iraqi dinar…He transferred my call to the JP Morgan Chase bank and a lady by the name of ‘Ms Bank Lady’ didn’t deny anything. I asked her and she suggested that I call back tomorrow and talk to one of the bank agents about setting up an appointment with them to find out how to do my exchange with the bank… FRANK: This is incredible information. I’m so glad you pursued it to the next level… [Post 2 of 2]
LIVE! U.S. Dollar Purchasing Power CRATERS. Retail Sales FALL. Deficit Expected To DOUBLE Rapidly.
Greg Mannarino: 111-15-2023
U.S. Economy Has Come To A Halt | Alasdair MacLeod
Liberty and Finance: 11-15-2023
Gold is setting up for a move higher, forecasts Alasdair MacLeod, head of research at GoldMoney. There is a confluence of negative factors: the U.S. debt crisis, multiple wars across the globe, and the banking crisis.
“The entire financial system is sitting on a knife’s edge risking collapse,” he says and notes gold is the only real protection” from the inevitable currency storm.
INTERVIEW TIMELINE
0:00 Intro
1:00 Gold update
19:00 Banking system
35:15 MacLeod’s writings
