Citi spokesperson says the actions ‘involve some difficult, consequential decisions’
Citigroup Inc.’s stock C, -0.82% was up by 0.3% in premarket trading on Monday after CNBC-TV reported layoffs of at least 10% in some departments as part of a previously-announced restructuring under Chief Executive Jane Fraser. Citigroup disclosed 238,000 employees as of Sept. 30, down 2,000 from June 30.
One stock analyst told CNBC that Fraser “needs to do something big,” and there’s a good change the job cuts will be larger and more painful than employees expected. Citi has said it will likely provide more details about job cuts in January when it reports fourth-quarter results.
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