Citigroup CEO Announces Jobs Cuts, Reorganization
Since Jane Fraser took charge of the bank in March 2021, Citigroup stock has fallen significantly
Citigroup, the third-largest U.S. bank by assets, announced Wednesday that it will be eliminating some corporate jobs as it reorganizes its structure to accelerate decision-making. The bank has not yet announced how many jobs it plans to cut.
The leader of the bank's five core businesses will now report directly to the CEO, Jane Fraser, and the bank's international business will now be consolidated under one leader, Ernesto Torres Cantú.
"These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our Transformation," Fraser said in a press release.
The bank's five core business leaders are Head of Services Shahmir Khaliq, Head of Markets Andrew Morton, interim Head of Banking Peter Babej, Head of Wealth Andy Sieg and Head of U.S. Personal Banking Gonzalo Luchetti.
Since Fraser became the first female CEO of the bank in March 2021, Citigroup stock has declined about 40%, CNBC reported.
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