Citigroup Inc. is undergoing a significant organizational shift under CEO Jane Fraser’s leadership, streamlining operations and eliminating over 300 senior manager roles, according to an insider.
The reductions, affecting staff two levels below Fraser’s executive management team, amount to approximately 10% of the workforce at that level.
This move is part of Fraser’s strategy to simplify the bank’s structure, eliminate management layers, and enhance decision-making efficiency.
Citigroup issued a statement acknowledging the ongoing organizational changes without specifying the exact number of job cuts.
The bank highlighted the challenging decisions but emphasized their necessity to align the structure with the overall strategy and ensure consistent excellence in client services.
Fraser, in a memo to staff, expressed awareness of the significant commitment and hard work required from employees during this transformation.
The restructuring is a pivotal initiative for Citigroup, representing its most significant organizational overhaul in two decades.
The plan involves moving away from the two core operating units and refocusing on five key business areas: trading, banking, services, wealth management, and US consumer offerings.
Citigroup aims to unveil additional layers of change early next year, with the final adjustments expected to conclude by the end of the first quarter.
Despite earlier severance charges and position reductions, the firm’s overall headcount has remained steady at 240,000 employees, reflecting the bank’s strategic shift and commitment to adapt to evolving industry demands.