Citigroup CEO Fraser Announces Company Reorganization to Cut Layers, Accelerate Decisions
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Jane Fraser, CEO of Citigroup, announced a reorganization to cut management layers and accelerate decisions.
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The company will be divided into 5 main business lines reporting directly to Fraser, instead of 2 divisions previously.
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The changes will include job cuts, though the number is undecided.
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Fraser is trying to revitalize Citigroup amid a persistent stock slump as the 3rd biggest US bank.
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Fraser has pulled back on overseas retail presence, but Citigroup stock has still declined 40% since she took over.