Jane Fraser, the CEO of Citigroup, spoke at the 2023 Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023.
Mike Blake | Reuters
Citigroup
CEO Jane Fraser unveiled a reorganization plan on Wednesday, aiming to reduce management levels and expedite decision-making processes.
Fraser, who has been leading the bank for almost three years, stated in a press release that Citigroup would be divided into five primary business lines that directly report to her. Previously, the company had two main divisions focused on serving consumers and large institutional clients.
The restructuring will involve job cuts, but the exact number has not been determined yet, according to sources familiar with the matter.
“These changes will simplify the bank by eliminating unnecessary complexity, enhance accountability in delivering excellent client service, and strengthen our ability to leverage the natural connections between our different businesses, all while aiming to achieve our medium-term targets,” Fraser explained.
This is a developing story. Please check back for updates.
