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Citigroup plans 20,000 job cuts over two years

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Citigroup plans to cut approximately 20,000 jobs, equivalent to about 10% of its global workforce, within the next two years as part of a broader restructuring initiative led by CEO Jane Fraser. This move is aimed at streamlining operations and reducing layers of bureaucracy within the bank. Fraser, who assumed leadership in 2021, envisions 2024 as a pivotal year for the company.

Citi has already divested some of its overseas operations and initiated the listing of its Mexican unit as a standalone entity. Despite reporting a $1.8 billion loss in the last quarter of 2023, attributed to specific factors such as the devaluation of the Argentine peso and a government fee imposed on US banks, Fraser emphasized the progress made in implementing the bank’s strategic plan.

The restructuring is expected to cost around $1 billion in the current year, in addition to the $800 million incurred in the recent quarter. However, the bank anticipates saving $2.5 billion over the medium term. While specific details about job cuts in the UK and affected units were not disclosed, Citi’s workforce is projected to decrease from about 240,000 at the beginning of 2023 to approximately 180,000 by 2025 or 2026.

Citi, one of the largest banks in the US, has faced investor pressure to improve its performance, with profits trailing behind its peers. The recent quarterly loss was influenced by unique circumstances, and for the full year, revenue increased by 4% to $78.5 billion, while profits declined by 38% to $9.2 billion. In comparison, competitors like Wells Fargo and JP Morgan reported revenue growth of 11% and 23%, respectively, with corresponding profit increases. Following the announcement, Citi’s shares experienced a 1.4% decline.

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Georgian Orthodox Church calls for Stalin religious icon to be changed

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The Georgian Orthodox Church has called for changes to an icon featuring Soviet leader Joseph Stalin displayed in a Tbilisi cathedral. The icon, depicting scenes from the life of Russian saint St Matrona of Moscow, includes an image of the saint blessing Stalin. The Georgian Patriarchate expressed concerns about the historical accuracy, stating there was “insufficient evidence” that St Matrona and Stalin ever met. The Patriarchate called on the donors of the icon, claimed to be the pro-Russian political party Alliance of Patriots, to make alterations, warning that they may intervene if necessary.

The icon gained prominence after opposition figure Giorgi Kandelaki criticized its presence, accusing it of attempting to portray one of history’s “biggest mass murderers” in a positive light. The controversy escalated when an activist, Nata Peradze, sprayed paint on the icon in protest. Peradze, who claimed Stalin’s actions had affected her family personally, faced backlash, including death threats and attacks on her property.

The Patriarchate clarified its stance on the depiction of historical figures in icons, stating that it does not necessarily imply glorification. Stalin’s legacy in Georgia is complex, with some taking pride in his rise from a humble background in the country to ruling the Soviet Union and playing a crucial role in defeating Nazi Germany. However, many Georgians reject the Soviet legacy and condemn the atrocities committed during Stalin’s regime.

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German far-right met to plan ‘mass deportations’

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German Chancellor Olaf Scholz has condemned an alleged far-right meeting where plans to deport millions of people, including German citizens, were discussed. The secret gathering, reported by Correctiv, included senior figures from the far-right Alternative for Germany (AfD) and neo-Nazis from Germany and Austria.

The focus was on “remigration,” the removal of individuals with non-German ethnic backgrounds. Despite the AfD officially rejecting remigration, participants reportedly expressed doubts about its feasibility, with some supporting the idea for years. Chancellor Scholz emphasized that discrimination based on ethnic origins would not be tolerated in Germany, and participants may face investigation by the intelligence agency.

Correctiv investigative outlet revealed that around 20 individuals, including senior AfD members and neo-Nazis, attended a secret meeting near Berlin to discuss the deportation of people with non-German ethnic backgrounds, even if they are citizens of Germany. The meeting reportedly took place near Potsdam last November, with Correctiv noting the participation of two members of the center-right Christian Democrats (CDU) party. Although the AfD officially rejects remigration, internal contradictions were exposed by Gerrit Huy, an AfD member of the German Parliament, who affirmed the party’s commitment to remigration. The AfD confirmed the attendance of Roland Hartwig at the meeting but denied any shift in its migration policy.

Chancellor Scholz, responding to the report, stated that Germany would not allow differentiation based on immigrant backgrounds and that participants in the alleged meeting could face investigation by the Office for the Protection of the Constitution, the domestic intelligence agency. He underscored the importance of learning from history and emphasized that discrimination based on ethnic origins would not be tolerated in the country. The far-right AfD is currently the second-largest party in Germany, trailing behind the CDU, and has faced scrutiny over its stance on immigration and alleged ties to extremist groups.

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Eurovision: Finnish artists want Israel barred from contest over Gaza war

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Over 1,400 Finnish music industry professionals have signed a petition urging the exclusion of Israel from the Eurovision Song Contest due to alleged “war crimes” in Gaza. They are also calling for Finland to withdraw from the competition if Israel is not banned. The petition highlights concerns about Israel participating in Eurovision to enhance its image, and it follows similar demands made by Icelandic musicians to their broadcaster Rúv.

Yle, the Finnish broadcaster, is currently monitoring the stance of the European Broadcasting Union (EBU), the organizer of Eurovision. Signatories accuse Yle of double standards, pointing to its prompt call for a ban on Russia from the 2022 contest. Yle’s response suggests that the situation in Israel and Gaza is not considered equivalent to the inter-state aggression seen in the Russia-Ukraine conflict, according to Ville Vilén, a Yle representative.

The EBU has affirmed Israel’s participation in Eurovision, emphasizing that the event is for broadcasters, not governments, and that Israel’s public broadcaster, Kan, complies with all competition rules. Yle plans to engage with the petition’s authors, and the EBU has previously stated that Eurovision is a non-political event, with Israel’s participation spanning 50 years.

This year’s Eurovision is scheduled to take place in Malmö, Sweden, and the UK will be represented by pop star Olly Alexander. Alexander faced criticism for endorsing a statement accusing Israel of genocide, with Israel dismissing the arguments as “absurd” and attributing them to anti-Israel bias. The Gaza conflict, mentioned in the context of the petition, has resulted in a significant loss of lives, displacement, and humanitarian challenges in the region.

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Austrian heiress Marlene Engelhorn announces plan for €25m giveaway

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Marlene Engelhorn, a 31-year-old Austro-German heiress residing in Vienna, is taking a unique approach to wealth redistribution. Inheriting a substantial fortune from her grandmother, Traudl Engelhorn-Vechiatto, who was valued at $4.2 billion, Marlene aims to address the inequality exacerbated by the absence of inheritance tax in Austria since 2008. Motivated by a sense of responsibility, she has initiated the Good Council for Redistribution, inviting 10,000 randomly selected Austrians over 16 to participate in deciding how €25 million of her inheritance should be allocated.

The Good Council for Redistribution seeks to assemble a diverse group of 50 individuals, spanning various age groups, federal states, social classes, and backgrounds. This citizen-led initiative, supported by the Foresight Institute, aims to foster inclusivity and collaborative decision-making. Participants will engage in a series of meetings held in Salzburg from March to June, where they will work with academics and civil society organizations to explore and develop solutions beneficial to society as a whole.

The unique aspect of this initiative lies in its commitment to inclusivity and fairness. The meetings will be barrier-free, offering childcare and interpreters as needed. Participants will receive financial compensation of €1,200 for every weekend they attend, recognizing the value of their contributions. Marlene Engelhorn emphasizes that she is entrusting her assets to the chosen council without holding veto rights, demonstrating a genuine commitment to involving citizens in the decision-making process.

Despite the initiative’s noble intentions, Austria’s stance on inheritance tax remains a contentious issue. The abolished tax, in place for 16 years, has drawn criticism, with the Social Democrats advocating for its reinstatement. However, the conservative People’s Party, currently the senior partner in Austria’s coalition government with the Greens, rejects this proposal, emphasizing their commitment to reducing taxes and increasing citizens’ net income. The future of wealth redistribution in Austria, both through citizen initiatives and potential policy changes, remains a topic of ongoing debate.

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Serbian rescue for livestock trapped on island in Danube

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An operation is in progress to rescue around 200 cattle, calves, and horses stranded on Krcedin island in the River Danube, near Belgrade, Serbia. Rising water levels last week prevented the livestock from returning to shore. The evacuation, which began on Tuesday, has saved approximately 60 animals so far. Harsh weather conditions, including freezing temperatures and concerns about starvation, have intensified the urgency of the rescue mission.

Krcedin island, located on the left bank of the Danube, experienced a sudden rise in water levels due to melting snow caused by unseasonably mild weather in late 2023 in the Balkan region. The island is situated 3km from the shore and approximately 50km upstream from Belgrade.

Farmers had been appealing for days to have their livestock rescued as conditions deteriorated. On Tuesday, a rescue team comprising the Serbian military, the emergencies department, the forestry agency, and local citizens used a raft to transfer about 60 animals to safety. However, further attempts faced setbacks, including the replacement of the first raft due to missing railings and the breakdown of its replacement after only two runs.

Environmental group Eko Straza reported that the stranded cattle were exhausted, having lost up to 50kg of their weight. A new boat was hired to continue the rescue on Wednesday. Transporting dozens of wild horses, which are not accustomed to human contact, posed additional challenges.

With freezing conditions and the threat of hunger, speed has become crucial in the evacuation. Cattle breeder Milenko Plavsic expressed concern that some of his animals had already died, and the remaining ones were at risk. He explained that, in a normal year, the animals would return home by wading through shallow waters for 10km, but the high water levels have prevented grazing.

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Austrian ski gondola crashes in Hochoetz injuring Danish family

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At the Hochoetz ski resort in Tyrol, Austria, a cable car accident occurred that left four members of a Danish family seriously injured. The gondola they were in plummeted approximately 10-12m (33-39ft) after a tree fell onto a support cable on Tuesday morning. The challenging rescue operation was hindered by the steep and difficult terrain beneath the gondola, making it hard for emergency workers to reach the scene. Additionally, two other individuals were injured in the incident. Despite the efficient functioning of the rescue chain, the stony area where the gondola crashed posed significant challenges for the rescue operation.

The group inside the gondola comprised a father, his son and daughter, and their uncle. A helicopter winched them from the scene, with one of the family members transported to a hospital in Innsbruck with life-threatening injuries. Two German citizens in another gondola also suffered injuries due to the vibrations caused by the cable, although their conditions were not immediately known. The cable car route, known as Acherkogelbahn, showed no signs of technical faults, and there was no evidence of human error, according to the police.

One puzzling aspect of the incident is the cause of the tree falling onto the support cable. District police commandant Hubert Juen mentioned to the Kurier website that either a tree or branches landed directly on the bracket to which the gondola was attached. Authorities are investigating this aspect to understand the circumstances leading to the tragic accident. Notably, despite dozens of other gondolas being attached to the support cable at the time, none were affected by the crash, adding a layer of complexity to the investigation.

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Macron picks Attal, 34, as France’s youngest PM

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Gabriel Attal’s ascension to the position of France’s youngest prime minister at 34 marks a significant move by President Emmanuel Macron to reinvigorate his presidency. Attal, who currently serves as the education minister, has experienced a meteoric rise in politics, transitioning from an obscure health ministry adviser a decade ago to becoming the first openly gay occupant of Hôtel Matignon. His association with Macron and his reputation as a skilled debater played crucial roles in his swift political ascent.

However, Attal inherits a challenging political landscape characterized by a resurgent right-wing opposition, a lack of parliamentary majority, and a president struggling to articulate a clear vision for his second term. The appointment, while strategically made to infuse new energy into Macron’s administration, raises questions about whether Attal can provide the much-needed sense of purpose and direction demanded by the public.

As Attal takes on the role previously held by Élisabeth Borne, who faced difficulties during her 20-month tenure, he must confront not only external challenges but also assert his authority over influential figures within the government, such as Gérald Darmanin and Bruno Le Maire. Additionally, with the upcoming European elections posing a potential setback for Macron’s party, there is speculation about how Attal will navigate the political landscape should the party face significant losses.

While Attal is acknowledged as a class act, respected and liked in the National Assembly, questions linger about the substance of his political stance. Some critics perceive him as a reflection of Macron, raising concerns about whether he brings a unique perspective or is merely a protegé of the president. As France looks toward the future under its youngest-ever prime minister, the success of this appointment will be contingent on Attal’s ability to address the multifaceted challenges and provide a distinct identity to Macron’s presidency.

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French PM Élisabeth Borne resigns ahead of expected reshuffle

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France’s Prime Minister Élisabeth Borne is resigning after less than two years in office, with President Emmanuel Macron gearing up for a significant reshuffling of his top team ahead of European elections later this year. Borne, the second female prime minister in France and the longest-serving in her role, will continue until a successor is named, according to a statement from the Élysée Palace.

President Macron acknowledged Borne’s contributions, stating she displayed “courage, commitment, and determination” during her time in office. Macron’s government has been under pressure due to protests over controversial policies and legislative setbacks, including a significant defeat on immigration legislation in December. The reshuffling is seen as an effort to revive political momentum and address challenges faced by the administration.

Several key figures are speculated to replace Borne, with the 34-year-old Education Minister Gabriel Attal considered the frontrunner. If selected, Attal would become France’s youngest and first openly gay prime minister. Other potential candidates include 37-year-old Armed Forces Minister Sebastien Lecornu and former Agriculture Minister Julien Denormandie.

The announcement of a new prime minister is expected on Tuesday, according to a spokesperson for the Élysée Palace. The chosen candidate will face the daunting task of managing the day-to-day affairs of the government and leading the Council of Ministers. Macron’s party lost its parliamentary majority in 2022, making it challenging for the incoming prime minister to navigate the political landscape and turn the president’s policies into law. The upcoming appointment will mark the fourth prime minister since Macron’s initial election in 2017.

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Ousman Sonko: Gambian ex-minister goes on trial in Switzerland for murder

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A former interior minister from The Gambia, Ousman Sonko, is facing trial in Switzerland on charges of crimes against humanity. Sonko fled to Switzerland in 2016, just before the fall of Gambian President Yahya Jammeh’s repressive regime. He is accused of involvement in killings, rape, and torture, with evidence presented by NGOs leading to his arrest. Sonko’s defense argues that he was not responsible, claiming the National Intelligence Agency was behind the alleged crimes and was not under his authority.

Switzerland is utilizing universal jurisdiction to prosecute the case, allowing countries to try individuals for crimes committed elsewhere. Sonko is the highest-ranking government official in Europe to be prosecuted under this principle. The trial is seen as a potential warning to repressive governments, emphasizing that they can be held accountable even outside their borders. The extensive charges against Sonko include ordering killings, torture, and rape against political opponents, potentially constituting crimes against humanity under Swiss law.

Swiss investigators gathered evidence in The Gambia, interviewing numerous victims and witnesses. The trial marks only the second instance of Switzerland using universal jurisdiction for crimes against humanity. Human rights groups believe it serves as a precedent for accountability. Sonko, who was a key figure in Jammeh’s regime, fled to Switzerland and claimed asylum, leading to his arrest after Trial International provided details of his alleged abuses. The trial is expected to last a month, with a verdict scheduled for March. Other countries are also pursuing cases against members of Jammeh’s regime, contributing to efforts for accountability in the face of widespread abuses during his rule.

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