Citigroup Announces Major Reorganization and More Job Cuts Under CEO Jane Fraser

Jane Fraser, CEO of Citigroup, announced a major management reorganization to simplify structure and cut more jobs.
5 new division heads will report directly to Fraser. Job cuts expected but number unknown.
Layers eliminated in former Institutional Clients Group and Personal Banking units.
Changes aim to simplify bank, contribute to medium-term targets and profitability goals.
Citi stock still undervalued compared to competitors despite previous divestitures and restructuring steps.

reuters.com

Relevant topic timeline:

9/26/2023

Citigroup CEO Tells Employees to Embrace Overhaul or Leave as Bank Faces Restructuring

Citigroup CEO Jane Fraser has urged the company's employees to embrace change and help deliver the bank's restructuring plan or "get off the train," as she seeks to simplify the organization and boost its stock.