Sep 13, 2023 - Economy
Citi searches for a jolt with reorganization, job cuts
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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
