Daily Management Review

Citigroup reaches final stages of reorganization, prepares job cuts


CEO of Citigroup Inc. Jane Fraser stated that the firm is nearing the end of an operational transformation that will involve additional layoffs.

Can Pac Swire
Can Pac Swire
The Wall Street Journal obtained Fraser's address to employees, which stated that "these final changes will affect the largest number of our colleagues during the reorganization" over the upcoming weeks.

According to Fraser, some staff members will be transferred to new teams, while others will take on new duties. "We will also be saying goodbye to some colleagues, which is always difficult," she stated.

Citigroup declared in January that it would eliminate 20,000 positions by the end of 2026.

Fraser stated that changing operations makes Citigroup stronger because no successful organization stays stagnant.

The bank has withdrawn from several ventures, she said, in order to "focus all of its energy on key areas."

Citigroup declared in September 2023 that it will make substantial changes to its organizational structure in order to streamline its operations and better match the bank's executive structure to its business plan.

source: wsj.com