Citigroup Begins Job Cuts, Offers Severance as Part of Company Reorganization

Citigroup managers reviewing staff to determine who will stay, be reassigned, or laid off by November.

Employees whose jobs are eliminated may apply for other roles; severance pay offered.

CEO Jane Fraser announced reorganization last month to simplify structure.

Cuts expected to focus on areas like compliance, risk management, spare profit units.

Bank beginning consultations in UK after warning employees of possible redundancies.