Citigroup’s managers and consultants working on CEO Jane Fraser’s reorganization have discussed job cuts of at least 10% in several major businesses, CNBC reported Monday, citing people with knowledge of the process.

The bank did not immediately respond to a Reuters request for comment.

Citi had said in September it would strip out a layer of management and cut jobs in a sweeping reorganization that would give Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock price.

© 2023 Thomson/Reuters. All rights reserved.

Read the full article here


Comments are closed.