Citigroup CEO Jane Fraser reorganizes companies, cuts jobs as bank is mired in stock slump

Jane Fraser CEO, Citi, speaks on the 2023 Milken Institute Global Conference in Beverly Hills, California, May 1, 2023.

Mike Blake | Reuters

Citigroup CEO Jane Fraser introduced a company reorganization Wednesday, saying the transfer would reduce down administration layers and speed up selections.

Fraser, closing in on her third full 12 months atop the bank, mentioned in a release that Citigroup could be divided into 5 most important enterprise traces that report on to her. Previously, the agency had two most important divisions catering to shoppers and enormous institutional purchasers.

The adjustments will embrace job cuts, although the New York-based firm hasn’t selected a quantity but, in keeping with individuals with information of the matter.

This is breaking information. Please examine again for updates.

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