Citigroup CEO sets sweeping management changes
Friday, 15 September 2023
NEW YORK, Sept 14 (Reuters): Citigroup will strip out a layer of management and cut jobs in a sweeping reorganisation that will give CEO Jane Fraser more direct control as she seeks to simplify the Wall Street giant.
The heads of the bank's five divisions will report directly to the CEO, and the bank will also cut regional leadership roles outside North America. Job cuts are expected, but the number and financial impact are still unclear.
"We have taken hard, consequential, tough decisions here," Fraser told investors in New York on Wednesday. "They are not going to be universally popular within our bank. It's going to make some of our people very uncomfortable. I am absolutely fine with that ... It is absolutely the right thing to do for our shareholders."