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Citigroup CEO Jane Fraser Issues Warning of Job Cuts and Calls for Higher Standards in Memo to Staff: ‘Results, Not Effort, Matter’

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Citigroup CEO Jane Fraser, one of Fortune‘s Most Powerful Women—and the top female executive on Wall Street—is pushing ahead with about 1,000 job cuts and has warned staff that “we are not graded on effort” in a fiery internal memo setting a tougher tone for 2026. The cuts are part of a multiyear overhaul that could ultimately eliminate up to 20,000 roles as Fraser demands hard results and an end to what she calls the bank’s “old, bad habits.”​

In the memo, previously reported by Bloomberg, Fraser told Citi’s roughly 200,000‑plus employees “the bar is raised” and stressed performance will be judged on outcomes rather than intentions or long hours.

“We are not graded on effort. We are judged on our results,” she wrote, adding she expects “the last vestiges of old, bad habits” to disappear as the bank pursues a leaner, more commercially aggressive culture in 2026. The language marks one of her sharpest internal messages since she took over in 2021, underscoring a shift from transformation planning to execution.​

Fraser’s approach also demonstrates why Fortune contributor Jeffrey Sonnenfeld, the Lester Crown professor of leadership practice at the Yale School of Management, chose the Citi CEO as one of his top performers of 2025. Fraser’s “Project Bora Bora” restructuring resulted in full-year revenues tracking toward $84 billion in 2025, the highest since 2010, with records for all five business segments in the last quarter. The latest earnings quarter saw all five business segments hit quarterly records. The stock’s performance ranking, up 67% in 2025, made it the best among major U.S. banks, in a year when Fraser was elected Chair of the Citigroup Board of Directors and was named Euromoney “Banker of the Year 2025.”

1,000 jobs now, 20,000 over time

Citigroup is poised to eliminate about 1,000 positions this week, as previously reported by Bloomberg, a move that follows earlier rounds of layoffs and brings the bank closer to a broader plan to cut roughly 20,000 jobs by 2026, or about 8% of its global workforce, according to people familiar with the matter. The reductions are tied to a sweeping restructuring unveiled in early 2024 that aims to simplify management layers, streamline businesses, and deliver up to $2.5 billion in cost savings. Citi has already shed more than 10,000 roles under Fraser’s overhaul.​

Culture reset on Wall Street

Fraser’s memo signals a cultural reset at a bank long criticized for lagging behind rivals on profitability and efficiency, and she explicitly called time on what she describes as legacy behaviors that dulled Citi’s competitive edge. She urged bankers to adopt a more “commercial mindset,” telling staff to “ask for the business,” fight for a “full wallet” with clients, and stop settling for secondary roles or missed opportunities.

Automation, AI, and ‘roles no longer required’

The job cuts are being accelerated by investments in automation and artificial intelligence that are changing how work is done across the bank. Fraser told employees and investors as Citi completes more than 80% of its massive “Transformation” program, technology and process simplification will mean some roles evolve, new positions appear and “others will no longer be required.” Outgoing CFO Mark Mason said he expects headcount to keep falling this year as AI tools and streamlined processes take hold, even as Citi continues to hire top talent in key areas like investment banking.​

High stakes for 2026

Fraser has framed 2026 as the year a “more disciplined, more confident, winning Citi” must fully emerge, arguing the transformation and painful cuts are laying the foundation for stronger, more consistent returns. But the strategy carries high stakes: Citi must prove to investors the layoffs, technology spending, and cultural shake‑up can close its long‑standing performance gap with Wall Street rivals while maintaining morale among the staff she is now bluntly reminding that effort alone will not be enough.

For this story, Fortune journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.

This story was originally featured on Fortune.com

Election official claims he has received threats regarding announcement of election results

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The head of Uganda’s electoral body says he has received threats warning him against declaring certain presidential candidates the winners of Thursday’s election.

Simon Byabakama said he would not be intimidated by such threats from senior state officials, whom he did not name.

He was responding to a BBC question about a widely shared video which shows a presidential assistant saying the electoral commission would never declare opposition candidate Robert Kyagulanyi, popularly known as Bobi Wine, as president, even if he were to win.

“Some people say if you don’t declare so-and-so as president, you will see. I tell them that I am not in the business of donating votes,” said Byabakama.

President Yoweri Museveni, 81, who has ruled the country for nearly four decades, is seeking a seventh term in office.

Bobi Wine, a 43-year-old pop star turned politician, is Museveni’s main challenger, seeking to unseat him for the second time after finishing runner-up in 2021 polls.

Six other candidates are also in the race, in which about 21.6 million voters are registered to vote.

Campaigning has been marked by the disruption of opposition activities, including the detention of activists and the breaking-up of rallies by police.

At the Electoral Commission headquarters in the capital, Kampala, Byabakama said he was not worried about threats from what he called “idle people”.

“You can see from my demeanour that fear is a word that does not exist in my vocabulary,” said the poll chief, adding that only the will of voters and the law would guide the process.

In the video shared by the Daily Monitor newspaper on social media last week, Yiga Kisakyamukama, the special presidential assistant for service delivery and monitoring, was captured saying Museveni would never leave power through the ballot.

“Don’t expect, don’t even think, that Simon Byabakama would announce Bobi Wine. President Museveni, who is on the chair, will remain on the chair. Never think that Museveni would leave power through voting. No, no, no – don’t waste our time,” Kisakyamukama was heard saying.

But Byabakama said Uganda’s law, not individual opinions or threats, would determine the outcome of the presidential election.

“The law says that the candidate who receives more than 50% plus one of the total valid votes cast is the president of Uganda. It is the voters who determine how many votes a candidate gets. What the voters have said is what I will declare to the nation,” he added.

The poll chief said he would declare the results within 48 hours of the close of polling, in accordance with the country’s laws.

Responding to concerns about the heavy military presence in the streets, Byabakama said security forces were deployed to maintain peace and stability during the electoral process and should not intimidate voters.

He also acknowledged opposition concerns about some polling stations being located within military premises, saying the commission was investigating the reports.

“If we find that it is true, we shall take the necessary measures to address it,” he added.

On Tuesday, the authorities cut internet access and limited mobile services across the country in order to curb “misinformation, disinformation, electoral fraud and related risks”.

The network outage has heightened concerns about repression in the run-up to the vote, and has been described by the UN human rights office as “deeply worrying”.

Andreea Gleeson, CEO of TuneCore, transitions to Strategic Advisor role at parent company Believe

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There’s been a significant leadership shakeup at the Believe-owned distribution company, TuneCore.

Andreea Gleeson has revealed in an internal memo to staff, obtained by MBW, that she’ll be exiting her role as CEO of TuneCore, and moving to a Strategic Advisor position at parent company Believe.

“After ten years at TuneCore, and with the company well-positioned for continued success, Believe and I have mutually agreed that the time is right for me to transition,” said Gleeson in the note sent out on Wednesday (January 14).

The executive added in the memo that “Believe and I looked at what the future requires and agreed the best path is for me to support Believe’s executive team in an advisory capacity to continue building where I can have the greatest impact.”

The leadership change, described as a “planned transition,” is effective immediately.

TuneCore, one of the world’s largest independent music distribution platforms, promoted Andreea Gleeson to the position of CEO in 2021.

“We are grateful to Andreea for her leadership of TuneCore and the lasting impact she has had on the business,” said Denis Ladegaillerie, Founder and CEO, Believe, in a statement.

“Over the course of her tenure, TuneCore strengthened its platform, expanded its global reach, and deepened its commitment to artist success. Her work co-founding the Music Fights Fraud Alliance and advancing gender equity in the music industry reflects values that are at the heart of Believe and areas we will continue to prioritize.”

Photo: Anis Martin

“We are grateful to Andreea for her leadership of TuneCore and the lasting impact she has had on the business.”

Denis Ladegaillerie, Believe

Added Ladegaillerie: “As part of an evolution aligned with TuneCore’s next phase of growth and Believe’s long-term strategy, Andreea will transition into a Strategic Advisor role for Believe, where her experience and perspective will continue to support the Group at a strategic level.”

He also confirmed that “TuneCore leadership will continue to be overseen by Romain Vivien, Believe’s Global Head of Music, with senior executives including Chief Revenue Officer Brian Miller and Chief Technology and Product Officer Luxi Huang, to build on TuneCore’s strong momentum as we continue to invest in its future.”

Elsewhere in the memo, Gleeson explained that, “as TuneCore enters this next phase from a position of strength, its mission remains: empower independent artists to succeed on their own terms, moving them from ‘access to success’ through an efficient, automated platform”.

The exec also said that “moving forward, TuneCore will prioritize harnessing more fully the capabilities of Believe, to help artists grow globally”.

Gleeson told staff in the memo that leading TuneCore “has been one of the most meaningful chapters of [her] career”.

She added: “Together, we’ve transformed this company, expanding our global footprint, strengthening and modernizing the platform, and pivoting from just distribution to artist development by launching programs like TuneCore Accelerator to give artists deeper support, education, and access to real career-building opportunities.”

Launched in 2023, TuneCore Accelerator gives DIY artists access to promo and marketing programs on DSPs.

News of the leadership change at TuneCore follows the announcement in November that self-releasing artists have earned more than $5 billion via its platform since its founding in 2006.

You can read Gleeson’s memo in full below:


Dear Team,

As I write this, I’m filled with pride, gratitude, and a deep sense of connection to all of you.

After ten years at TuneCore, and with the company well-positioned for continued success, Believe and I have mutually agreed that the time is right for me to transition. Effective immediately, I’ll be moving from my role as CEO of TuneCore into a Strategic Advisor position for Believe.

As TuneCore enters this next phase from a position of strength, its mission remains: empower independent artists to succeed on their own terms, moving them from “access to success” through an efficient, automated platform. Moving forward, TuneCore will prioritize harnessing more fully the capabilities of Believe, to help artists grow globally.

Believe and I looked at what the future requires and agreed the best path is for me to support Believe’s executive team in an advisory capacity to continue building where I can have the greatest impact.

Leading TuneCore has been one of the most meaningful chapters of my career. Together, we’ve transformed this company, expanding our global footprint, strengthening and modernizing the platform, and pivoting from just distribution to artist development by launching programs like TuneCore Accelerator to give artists deeper support, education, and access to real career-building opportunities. Through it all, we stayed true to what matters most: an artist-first mission and a belief in independence.

None of this happened because of one person. It happened because of all of you. Your creativity, resilience, ambition, and care for artists shaped TuneCore into what it is today. I’ve been continually inspired by the way this team shows up for each other and for the creators who trust us with their careers.

TuneCore’s success has also been deeply connected to the Believe Group’s long-term vision and global scale, which allowed us to grow with purpose while serving independent artists at every stage of their journey. This planned transition reflects my confidence in the strength of this team and in TuneCore’s next phase of growth within the Believe ecosystem.

While my role is changing, my belief in this company and in all of you is unwavering. Thank you for the trust, the hard work, the laughter, the late nights, and the shared wins. TuneCore will always be a part of who I am and I can’t wait to see what you build next.

With gratitude,

Andreea 

 Music Business Worldwide

Train in Thailand Crushed by Falling Construction Crane

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new video loaded: Construction Crane Falls on Train in Thailand

A crane fell on an express train carrying about 200 passengers in northeastern Thailand. Officials said more than 30 people were killed and dozens of others were injured.

By Nailah Morgan

January 14, 2026

Challenging Client

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Somalia’s Decision to Cut Ties with the UAE: A Matter of Contention | Opinions

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The decision to annul UAE agreements was not abrupt or reckless, but a necessary assertion of sovereignty, constitutional order and national unity.

By any objective measure, the decision taken by Somalia’s Cabinet on January 12 to annul all agreements with the United Arab Emirates was neither abrupt nor reckless. It came after prolonged restraint, repeated diplomatic engagement, and a sober assessment of what any responsible government is ultimately obliged to defend: its sovereignty, constitutional order, and national unity.

For years, Somalia pursued cooperation with external partners in good faith, guided by the expectation that engagement would be based on mutual respect, positive collaboration and the pursuit of a win-win prosperous future. The Somali government’s patience was not infinite nor unconditional. When international cooperation begins to bypass constitutional institutions, fragment national authority, and distort internal political balances, it ceases to be partnership and becomes illegal interference.

At its core, sovereignty is not an empty slogan; it is a system. It means that political, security, and economic relations with foreign states must flow through a country’s recognised national institutions. When parallel arrangements emerge, direct dealings with sub-national entities, security cooperation outside federal oversight, or agreements concluded without national consent, the integrity of the state is gradually eroded. Somalia experienced precisely this pattern over an extended period with the UAE engagement in the country. Therefore, our national decision on the UAE agreements was not a rejection of positive bilateral engagement, nor an abandonment of diplomacy: It was an affirmation of boundaries in line with international law.

Some critics of the Somali government’s decision to annul all UAE agreements have framed the decision as “drastic,” arguing that Somalia should have absorbed these practices for the sake of short-term stability or economic convenience. That argument misunderstands both Somalia’s recent history and the foundations of durable statehood. Fragile states do not become stable by tolerating fragmented authority driven by external interests. They become stable by consolidating institutions, clarifying chains of command, and ensuring that foreign engagement strengthens rather than substitutes the state. The nullification of UAE agreements concluded with sub-national administrations, and the suspension of bilateral security arrangements, must be understood in this context.

Under international law, and through all established diplomatic rules, sovereign nations must engage through their relevant national institutions. National institutions are solely responsible for the engagement with sub-national level institutions and actors. Accordingly, absolutely no independent country can accept security structures that operate outside its constitutional framework or port arrangements that dilute national control over strategic assets and undermine intergovernmental fiscal federalism.

What Somalia has done is draw a clear, lawful line. It has said that engagement is welcome but only on transparent, state-to-state terms, consistent with constitutional authority and international law. It has affirmed that dialogue remains possible but that principles are not negotiable.

Given Somalia’s strategic location, concerns about economic disruption resulting from the annulment of the UAE agreements are understandable. However, our government has put in place mechanisms to ensure continuity in port operations and security responsibilities, including the use of neutral international operators to continue facilitating global trade where necessary. Fundamentally, Somalia recognises that sustainable economic development and growth depend on the right enabling environment, political coherence and legal clarity, which investors are seeking across the world. Only a strong and unified state can provide this, not a fragmented one, divided within by destructive external interests.

Somalia’s decision to annul the UAE agreements reflects a broader regional reality. Somalia sits at a strategic crossroads linking the Red Sea, the Gulf of Aden, and the wider Horn of Africa. Any use of Somali territory, ports, or political space to advance external conflicts or agendas carries risks not only for Somalia, but for regional trade and stability as a whole. Therefore, a strong and united Somalia, reinforcing its national sovereignty, is a regional and global asset.

For too long, Somalia has been spoken about as an object of regional politics rather than as a subject of international law. The Cabinet’s decision on the UAE agreements signals a shift away from that narrative. It asserts that Somalia will engage the world as a sovereign equal, not as a fragmented space open to parallel influence and abuse.

History is often unkind to states that delay difficult decisions in the name of convenience. Somalia chose clarity instead. That choice deserves to be understood not as confrontation, but as an overdue act of constitutional self-respect.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

FlyExclusive expands fleet with two new Challenger 350 aircraft

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flyExclusive adds two Challenger 350 aircraft to fleet

West Chester Welcomes Distance Swimmer Amelia Wygant to Their Team for the 2026 Season

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Fitter and Faster Swim Camps is the proud sponsor of SwimSwam’s College Recruiting Channel and all commitment news. For many, swimming in college is a lifelong dream that is pursued with dedication and determination. Fitter and Faster is proud to honor these athletes and those who supported them on their journey.

Distance swimmer Amelia Wygant has committed to continue her athletic career at West Chester University, a Division II school in Pennsylvania, beginning in the fall of 2026. Wygant lives in Frisco, Texas, where she attends Frisco High School and competes for Life Time Dallas.

Wygant also serves as the At-Large Representative for the North Texas Swimming Committee. In this role, she attends monthly meetings and assists with social media management. Swimming runs in her family. Wygant’s mother and two aunts were collegiate swimmers as well.

“I am thrilled to announce my verbal commitment to continue my academic and athletic career at West Chester University!! I want to thank my parents, coaches, and teammates who have helped me throughout this journey. I also want to say a huge thank you to Coach Steve and Victor for this amazing opportunity. GO RAMS!!🐏💜💛”

Wygant earned all of her distance lifetime bests in December 2023 at the at the KMSC King Marlin Pro-Am Classic (SCY). She placed 22nd in the 500 free (5:14.33) and finished 6th in both the 1000 free (10:31.44) and the 1650 free (17:32.44). She competed in the 200 free (1:59.93), the 100 back (1:03.19), and the 200 back (2:14.00) as well. Her 200 free time remains a personal best.

Wygant also shows strength in backstroke. She recorded her fastest 200 back time of 2:12.78 in early December 2023 at the GU MAC Winter Invitational (SCY) during prelims. She later finished 16th in finals (2:13.93).

The previous year, at the 2022 NT MAC North Texas Senior Meet (SCY) in December, Wygant posted her lifetime best in the 100 back with a time of 1:02.97.

More recently, Wygant set personal bests this past July at the 2025 MT NTRO TYR American Long Course meet, including the 50 back (35.21), 50 fly (32.61), 100 fly (1:12.64), and 200 IM (2:38.85).

Top Yard Times 

  • 500 Free – 5:14.33
  • 1000 Free – 10:31.44
  • 1650 Free – 17:32.44
  • 100 Back – 1:02.97
  • 200 Back – 2:12.78

The West Chester women’s team captured the team title at the 2025 Pennsylvania State Athletic Conference Championships. Wygant’s fastest time in the 1650 free would have placed 5th at the meet. Last season, the top mile times for the Golden Rams were posted by senior Danielle Stewart (17:24.82) and freshman Ditta Kowalik (17:27.05).

Wygant will arrive on campus alongside Kara Walters, Allison Schiavo, Julie Chong, and Addyson Despeaux. Walters will be a strong training partner for Wygant with her 5:07.44 time in the 500 free, along with Schiavo (5:08.35) and Chong (5:08.87).

Wygant plans to major in Exercise Science and intends to use the degree to continue her education toward becoming a cardiac sonographer. She is an AP Scholar and a member of the National Honor Society.

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28 ft Tiny House “Flexible Tink” Accommodates Guests, Storage and a Home Office

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Typically, a jack of all trades is… well, you know, but the Tink is adept at performing multiple roles. The compact tiny house is very flexible and packs in lots of clever storage, room for guests, and even space to work from home.

Designed by Modern Tiny Living, the Tink is based on a triple-axle trailer and has a length of just 28 ft (8.5 m). This puts it on the smaller side for a North American tiny house and could make it a good fit for those planning to relocate their home regularly. The exterior is finished in engineered wood and topped by a steel roof.

The tiny house has two entrances, with the main one opening next to the living room. Like Modern Tiny Living’s Cerceaux, this space is raised and has lots of storage, including under the floor, in the steps leading up to it, and in the U-shaped seating area itself. The sofa accommodates an impressive six people at once and can also be converted into a double bed.

The Tink’s living room has lots of built-in storage, including under the floor and within the sofa

Modern Tiny Living

Next to the living room is the kitchen. This includes a farmhouse-style sink, a propane-powered oven and cooktop, a microwave, a large quad-door fridge/freezer, and a washer/dryer. It also has custom cabinetry, with brown maple countertops, and a countertop extension and breakfast bar-style seating for up to two people. Close to the kitchen is the bathroom, which looks pretty snug and contains a shower, a sink, and a flushing toilet.

At the opposite end of the home from the living room is the home office area. As mentioned, it has its own separate entrance and it hosts a desk, seating, and some additional storage.

There’s just one dedicated bedroom in the Tink, accessed by a storage-integrated staircase. The bedroom itself is a typical loft-style setup, with a low ceiling, some shelving, and a double bed. A skylight helps maximize natural light.

The Tink's kitchen includes a farmhouse-style sink, a gas oven and cooktop, a washer/dryer, and a large quad-door fridge/freezer
The Tink’s kitchen includes a farmhouse-style sink, a gas oven and cooktop, a washer/dryer, and a large quad-door fridge/freezer

Modern Tiny Living

We’ve no word on the price of the Tink, though it’s a custom design for a client that’s based on Modern Tiny Living’s Kokosing model, which starts at US$109,000.

Source: Modern Tiny Living

Russian doctors detained after nine newborns die in maternity hospital

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Two senior doctors have been arrested in Russia following the deaths of nine babies in a maternity hospital in Siberia this month.

The newborns died during the long New Year holiday in Novokuznetsk, Russia’s main investigative authority said in a statement.

No reason for the babies’ deaths has been given.

The case has caused anger around Russia.

All the babies were born in the Novokuznetsk Maternity Hospital No.1 from 1-12 January, with the first death on 4 January, Russia’s Investigative Committee spokeswoman Svetlana Petrenko said.

Without giving details, the committee said the chief physician and the head of the intensive care unit had been detained for the “improper performance of their official and professional duties in organising and providing medical care”.

It said the suspects were co-operating with the investigation and authorities were deciding on charges as well as pre-trial detention.

The committee released a video showing one man being escorted away and a man signing some papers in the presence of a uniformed officer.

Victims and witnesses had been questioned and materials seized as work continued to gather more evidence, it added.

Nine post-mortem examinations were being carried out.

The Interfax news agency said the Kemerovo Region Ministry of Health which was also investigating said the infants had had a severe intra-uterine infection.

The hospital has announced that it is no longer accepting patients due to a higher-than-usual rate of respiratory infections.