NEW YORK: Citigroup will strip out a layer of management and cut jobs in a sweeping reorganization that will give CEO Jane Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock. The heads of the bank's five divisions will report directly to the CEO, and the bank will
NEW YORK: Citigroup will strip out a layer of management and cut jobs in a sweeping reorganization that will give CEO Jane Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock.
Shares rose 1.7 per cent after chief financial officer Mark Mason said he was keeping the company's expense guidance unchanged for the year. "Citi will cut out non-productive layers of management and reorganize with a flatter structure that will certainly create savings on the balance sheet," said Brian Mulberry, Client Portfolio Manager at Zacks Investment Management, who holds Citi shares.
The reshuffle is likely to prompt departures, Fraser said in a memo to employees seen by Reuters. She will hold a town hall next week.
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