Citigroup CEO Jane Fraser announced a corporate reorganization Wednesday, saying the move would cut down management layers and accelerate decisions.
Fraser, closing in on her third full year atop the bank, said in a release that Citigroup would be divided into five main business lines that report directly to her. Previously, the firm had two main divisions catering to consumers and large institutional clients.
The changes will include job cuts, though the New York-based company hasn’t decided on a number yet, according to people with knowledge of the matter.
“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,” Fraser said.
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