Chief Jane Fraser names new management team and warns of job losses
Citigroup unveiled its biggest reorganisation in almost 15 years in an effort by chief executive Jane Fraser to simplify the bank’s structure, but it also warned the changes would probably result in significant job cuts.
As part of the reorganisation, announced on Wednesday, the bank named a new management team. It did not release any details on how many jobs would be axed, which it said were still being determined.
Citi also said it was launching a search for a new head of its corporate and investment bank, which is one of its five new units, along with wealth management, transaction services, markets and its US consumer bank.
Citi said it was focused on simplifying the bank’s management structure as well as reducing costs, and characterised the changes as part of Fraser’s previously announced long-term plans.
The Financial Times reported last month that Citi was considering revamping its organisational structure following the retirement of Paco Ybarra, one of its top executives.
This is a developing story
Source: Financial Times
