Citi searches for a jolt with reorganization, job cuts

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