Latest news with #TimRyan
Yahoo
3 days ago
- Business
- Yahoo
Lockton names new chief growth officer in US
Lockton has appointed Hiram Marrero as president and chief growth officer for its operations in the US. Marrero will operate out of Miami, Florida. His primary focus will be to facilitate the company's growth within the US, both geographically and across various industry sectors. He will collaborate with Tim Ryan, Lockton US president, and engage with regional leaders to execute the company's growth plans. With 25 years of experience in the insurance industry, Marrero joined Lockton in 2016 and oversaw recruiting, onboarding and developing top talent. Ryan said: 'Hiram has been a key contributor to Lockton's industry-leading organic growth, both globally and across the US, and I am excited for him to take on this elevated role. His passion and leadership will help us continue to attract and develop the very best talent in the industry.' Marrero stated: 'The bedrock of Lockton's persistent growth is our outstanding culture, which is purpose-built around clients, associates and communities. By putting these three stakeholders first, we are creating the best place to do business and to work. 'I look forward to collaborating with leaders across our US operations to develop strategies that grow our business while also making our clients' businesses better.' Recently, Lockton acquired Benefits Communication Insourcing, which manages benefit communication and enrolment for HR departments, for an undisclosed amount. In June, the company named Sarah Downey as its new US professional and executive risk leader. "Lockton names new chief growth officer in US " was originally created and published by Life Insurance International, a GlobalData owned brand.
Yahoo
03-07-2025
- Business
- Yahoo
The Man Tasked With Ending Citigroup's Fat-Finger Blunders
(Bloomberg) -- Just before Citigroup Inc.'s tech chief faced his first global town hall meeting, he got some pointed advice from his teenager: Make sure the technology works. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals That hasn't always been a given at Citigroup. For the past year, Tim Ryan — an earnest, soft-spoken Bostonian who was once told in high school he'd never amount to much — has been untangling legacy software and data systems that have irked the bank's moneymakers and regulators, and have at times made it an industry punchline. The most notorious moments: 'fat-finger' errors that accidentally credited fortunes to recipients. Now, his division has made enough progress that it recently invited the bank's global workforce to a first-of-its-kind update on what's done and what's to come. The town hall – with the energy of a Silicon Valley product launch – opened to thumping music and a montage video with a cybernetic take on Michelangelo's The Creation of Adam, before Ryan walked on stage in jeans and white sneakers. Chief Executive Officer Jane Fraser soon followed, urging tech staffers to keep going — 'crushing the competition.' It was a striking performance for a company once known for underinvesting in software and data management, resulting in a patchwork of legacy systems that prompted bank examiners to demand an overhaul and impose penalties. 'I came in with my eyes wide open, in terms of where we were and what needed to be done,' Ryan later said in an interview. He commands one of Citigroup's biggest armies of staff and oversees a budget that reflects the bank's more urgent focus on tech. It spent just over $9 billion, or almost a fifth of total operating expenses last year, on technology and communications – a larger proportion than its main competitors – according to regulatory filings. The alternative, putting off upgrades, has proved costly in other ways. Five years ago, the bank accidentally wired more than $900 million to creditors of cosmetics company Revlon Inc., setting off a two-year legal fight to recoup the money. This year, other errors emerged in the media. Citigroup credited one account with $81 trillion after an employee failed to remove the line of zeros that automatically filled an electronic form. A separate copy-paste error almost missent $6 billion. Both mistakes were undone, and no money left the bank. In another incident that hasn't previously been reported, an error let a pair of people on the same account withdraw a roughly $100,000 certificate of deposit twice, according to people with knowledge of the matter who asked not to be identified describing the behind-the-scenes problem. Some of the processes at issue in those cases now barely need humans. 'Where the risk is high, we've taken the right steps to automate both detective and preventative controls,' Ryan said. Not a Consultant Before Ryan arrived, Citigroup insiders jokingly dubbed the team overseeing its technology the 'Verizon Mafia' because it has long included a group of managers who had jumped from Verizon Communications Inc. to Barclays Plc to JPMorgan Chase & Co. before landing at the firm. When his appointment was announced, some employees rolled their eyes again. Under Fraser, a former McKinsey & Co. partner, the bank has faced criticism for running up consulting bills — once spending more on advisers than tech as part of the company's so-called transformation plan in 2021. Then with Ryan's hiring, it seemed the bank had put another consultant in charge: His last job before joining Citigroup was running PwC's US workforce of 75,000 people. He said that's the wrong way to see him. 'The reality is I was a CEO for eight years,' he said. 'I've sweat over the balance sheet, delivered sustainable earnings, driven growth, dealt with our own regulatory challenges, had a board. People perceive me as a consultant. But it is what it is.' Even more, he aims to reduce the bank's reliance on third parties. 'I want us to own more,' Ryan said. 'It's not an expense thing – it's a confidence thing. I need our people to know that I trust them.' The bank's back-office technology empire includes 50,000 full-time staff, comprising more than a fifth of the firm's 229,000 employees. Adding to that are 45,000 contractors. Together, they span outposts in India, China, the UK and Canada, though much of the senior power is in Irving, Texas. Since arriving, Ryan has reshaped that workforce, cutting 3,500 positions at certain locations in China as he consolidates staff into key hubs. He also has shifted managers, with some departing. 'Accountability doesn't have to be a public hanging,' he said. 'You mentor people, and if it doesn't work, you work them out of the system.' Teacher's Warning One Citigroup habit Ryan is trying to break is the impulse to keep modifying old technology. The bank customized a key enterprise software platform, ServiceNow, so much that it struggled to receive updates from the software's maker. Simpler is better, he said. So is moving quickly. The mission is well-suited to the executive, who grew up with attention-deficit/hyperactivity disorder, or ADHD. 'My high school biology teacher told me I'd never amount to anything in life. My second grade teacher tied me to the chair and taped my mouth on the first day,' he said. But he found strategies for dealing with his challenges and later peace in a demanding industry. 'When everything's moving so fast, that actually is conducive to someone like me.' In the past year, the bank has distilled 12 screening systems for international sanctions into one, retired 20 cash equities platforms and launched a new one, and consolidated software for banking teams so they can manage deals in one place. It also developed a relationship with Google Cloud's Vertex AI platform and rolled out a generative AI tool to 150,000 employees. And the technology team helped the rest of the bank complete the separation of Banamex, Citigroup's retail unit in Mexico, ahead of a planned public listing. Personal Memos In an unusual move for a Wall Street executive, Ryan sends near-weekly emails to his global staff, detailing intimate moments in his personal and professional life. Last month, he sent them an email titled 'Lifelong principles rediscovered,' in which he described his three-day vacation to Rome with his wife, including reflections on a tiff with her and their sighting of the new pope. He signed off: 'Mondays will be okay — they always are!' --With assistance from Matthew Boyle. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
Citigroup to Cut up to 200 IT Jobs in China to Enhance Risk Management
Citigroup Inc. C is planning to cut up to 200 information technology (IT) contractor jobs in China as part of a strategy to recruit its staff globally, aiming to improve risk management and data governance. This was reported by Reuters, citing people familiar with the matter. In July 2024, Citigroup was fined $136 million by U.S. regulators for failing to make adequate progress in resolving data management issues. The IT restructuring plan highlights C's intent to address regulatory requirements while simplifying its internal 100 IT staff at Citigroup Services and Technology China, Citigroup's wholly owned Shanghai subsidiary, were told this week that their contracts will not be renewed, and another 100 will receive layoff notices soon, per people familiar with the matter. The workers are part of Citigroup Services and Technology China, founded in 2002, which supports the bank's business in 20 countries and regions, including the United States, the United Kingdom, and Hong Citigroup's spokesperson, the reduction of IT contractor jobs in China has no impact on Citigroup's overall business strategy or its commitment to both local and global Reuters, Tim Ryan, Citigroup's head of technology, previously stated that the bank plans to reduce the percentage of contractors working on its IT staff from 50% to 20%. Citigroup is undergoing a major organizational overhaul, including 20,000 job cuts globally by 2026 as part of its strategy to streamline operations and improve efficiency. The restructuring aims to simplify governance, reduce management layers, and enhance profitability. These strategic moves align with Citigroup's broader goal of enhancing operational efficiency, with expected annualized run rate savings of $2-2.5 billion by from this major organizational realignment, Citigroup has been emphasizing growth in core businesses by shrinking international operations. In line with this, the bank completed its separation from the institutional banking business in Mexico, as well as its consumer, small, and middle market businesses, in December 2024. In June 2024, Citigroup also divested its onshore consumer wealth portfolio in China to HSBC Holdings plc. Additionally, the bank has exited retail banking operations in the UK, shifting its focus toward expanding personal banking and wealth management services. Further, as part of its strategy, Citigroup continued to make progress with the wind-down of its Korean consumer banking operations and its overall operations in Russia, as well as preparations for a planned initial public offering of its consumer banking and small business and middle-market banking operations in Mexico. Shares of Citigroup have gained 11.9% over the past six months compared with the industry's growth of 7.2%. Image Source: Zacks Investment Research Currently, C carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. This month, Reuters reported that HSBC Holdings plc HSBC plans to reduce its workforce in France by 348 jobs, accounting for approximately 10% of its staff in the country. This move is part of the overall cost-cutting strategy by CEO Georges Elhedery, aiming to reduce the expense by $1.5 billion by job reductions will be implemented through a voluntary redundancy scheme, allowing employees to exit on mutually agreed terms. These cuts are part of a broader program of HSBC aimed at simplifying operations and enhancing efficiency in an increasingly competitive last year, per a Bloomberg report, UBS Group AG UBS planned to cut jobs in France amid the country's sluggish economic growth and ongoing efforts to integrate Credit Suisse ('CS') following its acquisition in June informed that the bank's plan to cut jobs is being presented to its works council and measures to support the affected staff were to be developed in collaboration with employee representatives. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report UBS Group AG (UBS) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
19-05-2025
- Business
- Yahoo
Citigroup to shed 200 IT contractor jobs in China
Citigroup is eliminating up to 200 IT contractor positions in China, reported Reuters, citing undisclosed sources. The news agency further noted that the bank seeks to hire more full-time staff to improve risk management and data governance. This decision follows a fine imposed by US bank regulators last year July, amounting to $136m, for Citigroup's "insufficient progress" in addressing data management issues. Last week, approximately 100 IT contractors at Citigroup Services and Technology China were informed that their contracts would not be renewed, with another 100 anticipated to be notified shortly. The sources noted that Citigroup Services and Technology China, founded in 2002, employs a total of around 3,000 individuals. It is currently unclear how many of these employees are contractors. The unit in question provides support for Citigroup's global operations, which span 20 countries and regions, including New York, London, and Hong Kong. Citi was quoted by Reuters as saying: "As part of the regular business operations of Citigroup Services and Technology (China) Limited (CSTC), we review our HR strategy on an ongoing basis, including decisions about renewing (fixed term) employment contracts." "When decisions are made on non-renewal of fixed term contracts, this will be done in compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees," the bank added. Earlier this year, Citigroup head of technology Tim Ryan, revealed plans to reduce the bank's reliance on external IT contractors, lowering their share of the workforce from 50% to 20%. In China, the bank is offering 'severance package' to most of the affected contractors, calculated based on their length of service. Citigroup's banking operations in China extend beyond IT, with plans underway to set up a securities division. A spokesperson for Citigroup in Hong Kong stated that the bank's business strategy and commitment to serving both local and global clients in China remain steadfast. For the first quarter of 2025, Citigroup reported a net income of $4.1bn on revenues of $21.6bn. "Citigroup to shed 200 IT contractor jobs in China " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-05-2025
- Politics
- Yahoo
The Spectrum: Tim Ryan; Vivek Ramaswamy; Ohio property taxes
COLUMBUS, Ohio (WCMH) – This week on The Spectrum: Democratic ex-Congressman Tim Ryan said his party's brand is toxic. Hear what he says needs to happen in order to win back Ohio voters. All eyes are on who Vivek Ramaswamy might choose as his gubernatorial running mate. We'll tell you which names are being floated to join the ticket. Attorney General Dave Yost drops out of Ohio's 2026 race for governor Columbus is part of a growing list of governments suing the Trump administration. Hear what Columbus City Attorney Zach Klein hopes to accomplish with the three lawsuits he's filed. An effort to amend the state's constitution and abolish property taxes is a step closer to getting on the ballot. Will it put pressure on lawmakers at the statehouse to deliver smaller relief? Republican strategist Katie Eagan and Democratic strategist Joe Rettof weigh in. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
