Citigroup Announces Major Overhaul Involving Layoffs and Restructuring to Simplify Operations

Citigroup is undergoing a major reorganization and overhaul, which will involve layoffs, reassignments, and eliminated roles.

Managers are reviewing staff rosters and will announce changes in November. Employees may be eligible for new roles or severance packages.

The reorganization aims to simplify Citigroup's structure after divesting non-core markets to focus on profitable areas.

Citi CEO Jane Fraser said the changes will enable revenue-generating and dealmaker staff to focus on clients.

Cuts are expected to focus on support areas like compliance and risk management, sparing profit-making units.