September 10,2020 Biz in 60

Jane Fraser to be first woman to lead major US bank Jane Fraser has become the first-ever woman to head a major Wall Street bank after Citigroup's board appointed her as the investment bank's Chief Executive Officer. The Scottish-American has previously headed the bank's mortgage business and steered it out of the global financial crisis of 2008 as head of global strategy. She will take the helm from her predecessor, Michael Corbat in February. US weekly jobless claims rise slightly to 881,000 US unemployment claims held steady at 884-thousand last week in a sign the labour market recovery is losing steam. Although the figure fell from a March peak of six-point-nine million, it still remained above the pre-pandemic record of 695-thousand. Continuing claims also climbed to 13-point-four million from 13-point-three million in the prior week. Turkey's unemployment rate rises to 13.4% in June Turkey's unemployment rate rose to 13-point-4 percent in June, as more people looked for a job after the easing of coronavirus lockdowns. That's compared to 13 percent in the same month a year ago. Last week, the government extended a wage support system and the ban on layoffs for another two months to mitigate the impact of the pandemic.