Jane Fraser announced as the new CEO of the Citi group | UK Market Update

September 12, 2020 04:16 AM AEST | By Team Kalkine Media

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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.

Peloton, that earned an initial celeb fan following for its exercise bikes and remote workout sessions, has seen demand rise during the covid-19 pandemic. The company’s membership base around the world hit 3.1 million at the end of June, more than double a year ago, as gyms shutting down due to Covid-19 boosted the need for at-home workouts. The surge in sign-ups elevated revenue to $607m (£474m), up 172% year-on-year. But it has also strained supply, triggering long waits for the gear.

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. The Netherlands, Spain, France, and Poland are likely dealing with the much-feared second wave of COVID-19.

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