Today in the Market (1/12/2024)

Good Morning! On Friday, stocks ended with a mixed performance, losing earlier gains due to disappointing major bank reports that did not inspire confidence in a strong quarterly earnings season. However, despite a challenging beginning to 2024, the S&P 500 managed to end the week with a favorable performance.

The S&P 500 and the Nasdaq both finished the day up barely by 0.08% & 0.02%, respectively, while the Dow Jones had a rougher time and finished down by 0.31%.

MORE LAYOFFS CONTIUNE

Citigroup (C) has announced its intention to reduce its workforce by 20,000 jobs by 2026. This measure is expected to result in a saving of $2.50 Billion for the company. Also, it plans to reduce an additional 40,000 positions when it publicly offers its Mexican consumer division, Banamex.

So how many employees would the company have after that? Citigroup would be left with 180,000 employees, making it the lowest among the four largest banks in the U.S. This would also entail a 25% reduction in the entire size of Citigroup’s workforce (the current size in 2023 was 240,000 employees).

What else is happening? Citi has strategically withdrawn from consumer banking in many regions, divesting itself of nine companies and intending to depart a total of 14 throughout Asia, Europe, the Middle East, Africa, and Mexico. Furthermore, it is abandoning its US municipal bond business, eliminating another segment of its empire that was accumulated throughout the 1990s.

THE YEAR OF STEP DOWNS...

Bill Belichick resigned as the head coach of the New England Patriots, concluding his 24-year run. Belichick’s career was historical, marked by 6 Super Bowl wins in 9 appearances with the Patriots, a record-breaking 31 wins in the playoffs, and many years as the highest-earning coach in American professional sports.

But why now? Belichick concluded the 2023 season with a 4–13 record, receiving criticism for some player personnel choices. Critics said that Belichick, as the head coach and de facto general manager, was overburdened, like a startup CEO responsible for engaging with investors and conducting interviews with interns while wearing rumpled blazers.

However, there is more… Nick Saban, who used to work with Belichick, recently declared his departure from the University of Alabama after serving as the Tide’s leader for 17 seasons. Similarly, Pete Carroll, the coach of the Seattle Seahawks for 14 years, is no longer in charge in the Emerald City. Each of the three individuals ranked among the top 10 in compensation among coaches in the U.S. sports industry.

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