Citigroup Eliminates More Than 300 Senior Manager Roles, Says Bloomberg

By Denny Jacob

--Citigroup is eliminating more than 300 senior manager roles as part of Chief Executive Jane Fraser's efforts to simplify the company, Bloomberg reported.

--The bank announced the cuts, which affect those staffers two levels below Fraser's executive management team, on Monday, the report said, citing a person familiar with the matter, which amounts to roughly 10% of workers at that level.

--"Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi's organizational structure with our new, simplified operating model," Citigroup said in a statement, which didn't disclose the number of cuts involved, according to Bloomberg. "As we've acknowledged, the actions we're taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients."

Full story at https://www.bloomberg.com/news/articles/2023-11-20/citi-cuts-hundreds-of-manager-roles-in-latest-restructuring-move?srnd=undefined&sref=b0us4KbN

Write to Denny Jacob at [e-mail]

(END) Dow Jones Newswires

November 20, 2023 10:00 ET (15:00 GMT)

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