Citigroup CEO Michael Corbat announces retirement | NZ Market Update

Some European countries are observing a resurgence in COVID-19 cases after successfully lowering incidences early in the year. Southern-eastern European nations, including North Macedonia, Bulgaria, Albania, Romania, and Montenegro witnessed a higher number of cases in August as compared to earlier in the year. According to some media, the Netherlands, Spain, France, and Poland are likely dealing with the much-feared second wave of COVID-19.

Citigroup CEO Michael Corbat announces retirement after serving the company for 37 years. Mr Corbat has served the group for eight years and now plans to retire from Citi. Michael Corbat will step down from its Board of Directors in February 2021. Furthermore, Jane Fraser would replace the position as the new CEO of the group. Jane Fraser is the existing President and CEO of Global Consumer Banking and has been associated with Citi for the past 16 years.

Almost 6000 people have signed up to the Jobseeker Support benefit in the last four weeks – a return to levels last seen after the country’s first lockdown. There were 1702 more people receiving the benefit in the week to the end of September 4 than in the week to August 28, new data from the Ministry of Social Development shows. It is estimated that 12.1 percent of the New Zealand working-age population was receiving a main benefit as of September 4.



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