Citigroup slashes promotions as it seeks to overhaul bank, FT reports

Citigroup is drastically reducing year-end promotions, impacting around 2,000 employees compared to approximately 8,000 in previous years, according to the Financial Times. This move comes as part of CEO Jane Fraser's cost-cutting restructuring plan, which includes a 20,000 workforce reduction over the next two years. Promotion-related pay increases are reportedly capped at 15%.