the ceo jane fraser launches the biggest restructuring in two decades.or more, let's get to bloomberg's lizzy burden who has a story. let's start with the changes that are occurring. lizzy: jane fraser's are structuring the entire bank and management layers. this has been going on for a while and she has been exiting businesses around the world but specifically here, citi is scrapping is two longtime core operating units. one is focused on is additional clients and the other house affirms consumer offerings. instead they are going to be five main operating units all run by men. they will report directly to her. jane fraser noses will be a comfortable and knows it will be unpopular but she is fine with that. analysts warn it could risk undesired departures but she says the reason it is necessary is because she wants to be able to hold these managers more accountable, which is important to improve citigroup's return. the stock price has lagged its peers for years and has been down roughly 40% since he took over in early 2021 and that is roughly double the

jane fraser, ceo of citigroup, great to hear from her and the environment.media conference. ibm's ceo will join us on the state of tech, future of ai, how ibm fits into all of it. that exclusive interview coming right up. back to you. >> see you in a little bit. sara eisen. >>> still ahead, nike rallying on the back of the earnings last night. it's been the second worst performer in the dow this year, down about 20% since the last earnings print. what's ahead for the stock from here when we return. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. performer in the dow this year, ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collectio

guy: big surprise from jane fraser today.showed up today at the conference to brief, is an indication of her determination to push this. fascinating. stoxx 600 today down, continuing lower. the story today out of europe is a macro one. the german two year yield on offer. ecb hike increase priced in tomorrow. more coming down the pike? we wait and see. a big debate. it looks like inflation is going to remain sticky. that's the challenge we see addressed tomorrow by christine lagarde. i'm looking forward to the outlook. today, novo nordisk down. the idea is to generate buzz, with tech stocks drifting off a bit. it's had a great run. maybe that's a reflection of what we see today. coming up on the european close, what happens next? are we seeing an acceleration, bree inflation? ♪ more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around. with the best price for t

su: ceo jane fraser definitely wants to change that story.hat shares are down some 40% since early 2021 when she first took over as ceo, and that is more than double the decline of rivals. so this is a major shakeup designed to turn things around. leadership roles are largely eliminated. bloomberg has learned from those close to the matter that some job cuts will likely result in mostly in the back office functions -- we are told the bank doesn't have a firm target on how many will be impacted. the executive management ranks were spanning 19, and five men will be leading businesses and reports directly to fra ser. the company will operate five businesses such as services, trading, the banking division and wealth unit, and again, in the streamlining of management, they will all now answer to jane fraser. this should reduce the fiefdoms that have plagued the firm. initially we saw shares up better than 2% on the announcement of these moves. interestingly enough, the risk of this type of revamp is always desired departures and internal strife. t

jane fraser, the ceo of citi says we're halfway there to getting inflation down. the second half can be challenging. we spoke to the white house, head of national economic council, lael brainard, and here's what she said about the path to lower inflation. >> the main story of all the naysayers was that you couldn't get core inflation to come down without a big increase in job destruction. that is not what we've seen. we've seen continued job creation and inflation at the core has come down into the range that we saw pre-pandemic. >> clearly, the white house, carl, is happy about this number, as she said, back to pre-pandemic kind of ranges. she's looking at three-month averages there. but also at a time that we really have not seen a lot of stress in the jobs market. i think that's the question. as we look to some of the headwinds, including a potential government shutdown, which she squarely puts in the house republicans' hands, their fault. but that, the uaw strike, the student loan resumption. the fact that as fraser said, the soft landing. it's quite a debate

we will talk about the leadership plan for jane fraser going forward.( ♪ ♪ ) ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. jon: this is bloomberg markets, citigroup is preparing for a wave of job cuts as a wall street giants restructure. the ceo addressed the plant at the global financial services conference earlier today. >> today's announcement is indeed about putting that next step, the big next step in place and initiating it which is to not only put the organization in the best strategy place, it is about running a bank differently. and about driving clearer accountability for doing so. matt: jenny surane covers citi for us, this is a bank that has massively underperformed all of the other big wall street banks and i'm guessing this is her attempt at fixing that. how do investors embrace what they have heard thus far? >> they are up a little bit today, this is a sign that frazier is

i know jane fraser is speaking at the barclay's financial services, she wasn't originally on the skchedulechanges are most consequential in how citi will be organized and run in 20 years. so they're creating five businesses, division heads report directly to her, which helps her have more of aing like in sight as to what those businesses are doing. their goal is to streamline and make sure that everything is transparent and operating officially. so we'll see if they're able to execute on that front. >> leslie, kristina thank you both. arm less than 24 hours away from beginning trading, we expect. >>> titans of tech on capitol hill this hour. we watched the arrivals in the 9:30 hour. they're meeting with lawmakers behind closed doors talking about the future of a.i. and our next guess said he wishes lawmakers were serious about regulating the technology. roger macnamy joins us now. at this table you have a lot, do you expect anything out of it? >> i expect chuck schumer to shake these guys down for large contributions. >> you're a sin nick. >> -- you're a scynic. >> that's how this game is

guest: two weeks ago, jane fraser laid out what is supposed to be the biggest restructuring in the lastthis will be putting the company on a path toward better returns. they have lagged behind their rivals. they have until the end of november to come up with firm plans. guy: she said the other day you are on or off the train. a bunch of people have been pushed off. are we seeing more people feeling that same fate? headcount? jennifer: what this movie is about is getting rid of the layers of management citigroup has long had. she's trying to reduce bureaucracy. move folks out of the way that were coming up time. -- gumming up time. she's removed 35 management committees. it's more about removing key people that have sucked up executive time and mind share. that is what they are about. we will see. she's been hesitant to share numbers. they promised those numbers will come in the fourth quarter. alix: the sec whatsapp probe and settlement with brokerages. the rules keep changing. jennifer: today we had another $80 million. $1 million in fines. you will see regulators crackdown. this is en

this friday, do not miss an exclusive sit-down with jane fraser, fresh off of these new move she's madenk. that is at 10:00 a.m. eastern right here on "squawk on the street." dow is down 91 and the s&p has gone negative as well. we'rba ia mee ckn mont. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. >>> while latinos are the second largest population group in the united states, new data shows they're massively underrepresented on corporate boards. our contessa brewer is live from the latitude conference in miami beach with more on that. >> hi, there, carl. the good news is that there's progress. there are latino directors on 40% of fortune 1,000 companies. that's a 5% increase over last year. up and 27% since 2011. according to a new report from the latino corporate director's association. but the bad news is that progress is ponderously slow, especially in the biggest companies. in the fortune 100, there's been only a 1% in

jane c. folger. my sister, colleen l. fraser >> andrew (sonny) garcia. >> jeremy logan glick.ristin osterholm white gould. >> wanda anita green. >> lauren catuzzi grandolas and unborn child. donald freeman greene. linda gronlund. richard guadagno. >> my uncle --. >> my son, toshiya kuge. >> from chester in more elementary school and westwood high school, cc ross. >> hilda marcin. waleska martinez. >> nicole carol miller. >> louis j. nacke. >> donald arthur peterson. >> jean hoadley peterson. mark david rothenberg. christine ann snyder. john talignani. honor elizabeth wainio. >> to my cousin, debbie jacob walsh. >> distinguished guests, families, friends, my name is jeffrey myers. it is my honor and privilege to offer a concluding prayer at the sacred moment on this holy ground. within the jewish faith our tradition is upon remembering our loved ones that we recite in memorial prayer. i will chant it first in hebrew and then translate it for you in english. [speaking foreign language] rest infinite rest in your sheltering presence among the holy and the pure of all of our belov

the house of jane fraser, a reverse 10-one split. we get down to four dollars per share.athan: someone has to access the material. amrita, thank you. coming up on the open, amy wu silverman, tony dwyer. your equity markets are trying to come back from three year lows. from new york, this is bloomberg. ♪ all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. tom: surveillance on radio and television. lisa abramowicz on tom keene here. we have been doing durable data checks all morning. it's a durable bond market as it tries to find a durable price. lisa: tries to find a durable data point to give direction. we get durable goods in just seconds. it's important to say the dollar strength is the one move that has permeated and continued from day-to-day and continues today. tom: with a durable report on durable goods, michael mckee. why do they matter? mike: that's a durable question. gets asked a l

jane c. folger. [bell rings] >> my sister, colleen l. fraser. [bell rings] >> andrew "sonny" garcia.bell rings] jeremy logan glick. [bell rings] kristin osterholm white gould. [bell rings] >> my best friend and sister, wanda anita green. [bell rings] >> lauren catuzzi grandcolas and unborn child. [bell rings] donald freeman greene. [bell rings] linda gronlund. [bell rings] >> richard guadagno. [bell rings] >> my quote --uncle, leroy homer. [bell rings] >> my son, toshiya kuge. [bell rings] >> from chester a moore, and westwood high school in fort pierce, florida, ceecee ross lyles. [bell rings] >> hilda marcin. [bell rings] waleska martinez. [bell rings] >> nicole carol miller. [bell rings] >> louis joseph nacke. [bell rings] >> donald arthur peterson. [bell rings] >> jean hoadley peterson. [bell rings] mark david rothenberg. [bell rings] christine ann snyder. [bell rings] john talignani. [bell rings] >> honor elizabeth wainio. [bell rings] >> and to my cousin, debbie jacobs welsh. may we never forgot what they taught us that day. god bless. [bell rings] >> distinguished guests, fami

jane to our proceedings as well and chief whenever you're ready. >> good morning president nakajo and vice president morgan and commissioner feinstein and commissioner fraser and commissioner collins and command staff and jeanine nicholson, chief of department. for the report for august. so as you recall from the july report i snuck in an extra fire that is in the august report chiefs 1 on arcadia street on 555 on the 13 octavia street had a report of a fire on arrival found the building fully involved in fire and battalion two i went to the transfer of operations. so from the outside landmarking in that appears we are just trying to as i said surrounded and drown the building but it is a recognition of a strategic change needs to be made to protect the adjacent buildings so the radiant heat on fire was impacting the front of the building and well positions themselves there the cross street reported in the media but the immediate concern was those immediately behind the building we typical refer to this is charley exposure because of the way the building was situated and impacted the operations the arriving unit saw they'll center to split the fire 20/20 p