Sep 13, 2023 - Economy & Business

Citi searches for a jolt with reorganization, job cuts

Data: Yahoo Finance; Chart: Axios Visuals
Data: Yahoo Finance; Chart: Axios Visuals

Citigroup CEO Jane Fraser wants a flatter organization to make faster decisions.

Why it matters: Investors reacted positively Wednesday to the announcement of the plan — which included the removal of regional and management layers across the firm — sending Citi shares up nearly 1.7%.

The big picture: The company's previous structure resulted in tensions between managers and held back progress, according to CNBC.

  • The company has not decided on the number of job cuts.

Go deeper: As banking strains grow, big banks are getting bigger

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