Get outside

I ventured onto the Appalachian Trail this weekend, hiking along a path I'd never visited before. There were plenty of green shoots in the woods, an encouraging sign of warmer weather and sunny skies. I'm invigorated by the fresh air and energized for the week ahead. Let's jump in.

Citigroup has shrunk its workforce by 5,000 employees since September as part of a sweeping overhaul. "These past months have not been easy," CEO Jane Fraser wrote in a memo to staff seen by Reuters. "Far from it. The changes we've made are the biggest that most of us have experienced at Citi... putting us on the front foot and improving our competitiveness."

The U.S. Consumer Financial Protection Bureau will scrutinize credit card reward programs after a surge in customer complaints, said its director Rohit Chopra.

Jefferies profit missed expectations in the first quarter after the bank lost money on an investment in hedge fund Weiss Multi-Strategy Advisers, which has since been closed down. Still, investment banking revenue jumped 31%, signaling a potential turn around after a two-year industry drought.

Ratings agency S&P Global downgraded its outlooks for five regional banks because of their commercial real estate exposures. Fitch Ratings analysts highlighted the risks facing lenders which have underwritten loans behind apartment complexes and other multifamily properties.

UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.90 million) in 2023, making him the best paid boss among leading European banks. Meanwhile, the Swiss lender said it is still reviewing potential misstatements in Credit Suisse's financial reports.

In this week's field report, David Gaffen and I represented Reuters at the New York University journalism career fair. We had non-stop conversations at the booth with talented students and alumni.

After an energizing weekend, I'm excited to tackle some big stories and prepare for earnings that start in a couple weeks.

Have a fantastic week,

Lananh