发表时间：2023.09.17     作者：Jingyi     来源：ShoelessCai     阅读：271

本文由 Sonali Basak 所著，Jingyi 尽量自己翻译。由百 度翻译和有道词典助力。

必须知道

• ARM成功登场，预示着 InstaCart 及其类似公司有希望上市
• 媒体巨头 Byron Allen 正在提供迪士尼 100 亿美元offer,试图收购 ABC 及其他网络。迪士尼称其
• 尚未决定出手。
一项有瑕疵的贷款系统，意味着支持负担得起的住房，却将最需要（这些贷款）的人甩在了身后。

在花旗集团最具意义的重组中，20年来，CEO Jane Fraser 充分理解到一个困难的现实，并不是所有人 都赞同她的计划。这周在投资人例会上，她这样解释道：



注意：
1.shake-up 人事变动
2.have taken hard, consequential, tough decisions 作出艰难、牵扯多方利益的棘手决定
3.be fully supportive of these moves 全力支持这些举措
4.lean into it 正在向计划靠拢

即便没有上千人，也有上百人可能会失业。（花旗集团员工数量在五大行中排名第二。五大行，花旗银行， 汇丰银行，高盛银行，瑞士银行，摩根丹士利。）Fraser 表示，通过削减前两层管理层，35 人的委员会也 已被优化。这家华尔街巨头因官僚而变得如此负担，给它带来了多么沉重的负担。在巴克莱金融服务会议上 ，她继续说道：



彭博社的Jenny Surane指出，由于需要雇佣工程师、顾问和合规人员来履行一系列新的义务，花旗集团的员 工人数近年来已增至24万人。数以万计后方工作人员将受到评估。

注意：
1.take an ax to 削减
2.how burdened it’s been by bureaucracies
3.cascade down the org. as we flatten it out 通过逐级向下推进来扁平化组织
4.bevy 一群

花旗集团的股东显然认为 Fraser 做的是正确的。自从她宣布这一消息以来，股票一直在上涨。不过，它的 交易价格还不到账面价值的一半，这表明市场相信这家银行每天都在烧钱，只要还活着。自2021年3月 Fraser 上任以来，该股下跌超过 35%，而标准普尔500指数上涨了15%。其他五大银行的表现都更好。

对于 Fraser 来说，这从来都不是一份容易的工作，她继承了花旗集团的许多长期问题。在最近的一次人事 变动中，她让新的管理者负责，并让他们负起深深的责任。领导层变动带来最可能的结果是，投资银行的面 临的不确定性。

注意：
1.hold them accountable 使得他们负责

亚洲业务 CEO Peter Babej 将担任银行业务的临时主管，银行业务包括三个部分，一是由 Tyler Dickson 管理的销售交易团队，二是Jason Rekate 的企业银行部门（该部门被花旗认为，是全球客户建立联系的四梁 八柱），三是Tasnim Ghiawadwala的商业银行业务部门。但花旗集团正在寻找一位长期负责人，继续担任全 球银行业最有权势的职位之一。

注意：
1.encompass 包括
2.quarterbacks 原意四分卫。ShoelessCai 这里翻译成四梁八柱


持有充斥着全球交易的巨头公司，花旗面临着激烈的竞争。2019年，在符合常识的领导下，该行在收购与兼 并领域排名第四。彭博社数据，花旗今年已经跌至第6位。这使其落后于规模仅为其一小部分的竞争对手，精 品投资银行 Centerview Partners。花旗集团在承销最多产的债券交易方面已经下降了一两个位置，传统上， 这是花旗最具竞争力的领域之一。

注意：
1.long a giant in the world of deals 看多一个世界级巨头，还充斥着交易
2.face stiff competition 面对激烈的竞争
3.boutique banking 精品银行
4.underwriting on 承销

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In the most significant shake-up at Citigroup Inc. in 20 years, Chief Executive Officer Jane Fraser fully acknowledges a difficult reality: Not everyone is going to like her plans. At an investor conference this week, she explained:



Hundreds of people, if not thousands, are likely to lose their jobs. (Citigroup currently has the second-largest employee base of all the Big Five banks.) Fraser says by taking an ax to the first two layers of management, 35 committees are now gone. That’s how bloated the Wall Street giant had become and how burdened it’s been by bureaucracies. At the Barclays Financial Services Conference, she continued:



Bloomberg’s Jenny Surane points out that Citigroup’s headcount has swelled to 240,000 people in recent years because of the need to hire engineers, consultants and compliance staff to meet a bevy of fresh obligations. Tens of thousands of workers in back-office jobs will be evaluated, she explained.

Citigroup’s shareholders clearly think Fraser is doing the right thing. The stock has risen since her announcement. It’s trading at less than half of its book value, though, a signal that the market believes the bank is burning value every day that it’s alive. Since March 2021, when Fraser took over, the stock has dropped more than 35%, compared with a 15% rise in the S&P 500 Index. Every other Big Five bank has performed better.

It was never going to be an easy job for Fraser, who inherited a lot of the longtime problems at Citigroup. In the latest shake-up, she’s putting new managers in charge and holding them deeply accountable. Among the most consequential leadership changes is the uncertainty around the investment bank.

Peter Babej, CEO of the Asia business, is serving as interim head of banking—a unit that will now encompass the dealmaking team run by Tyler Dickson, Jason Rekate’s corporate banking division (which the firm thinks of as its quarterbacks building relationships with clients around the world) and Tasnim Ghiawadwala’s commercial banking business. But Citigroup is conducting a search for a permanent head, keeping open one of the most powerful positions in global banking.

Long a giant in the world of deals, Citigroup faces stiff competition. In 2019, it had a healthy lead as the No. 4 bank in mergers and acquisitions. It’s fallen to No. 6 so far this year, according to Bloomberg data. That puts it behind a rival that’s a fraction of its own size, boutique investment bank Centerview Partners. Citigroup has dropped either one or two spots when it comes to underwriting on the most prolific types of bond deals, traditionally an area where it has been among the most competitive players.

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