Citigroup's Organizational Restructure: CEO Shakes Up Higher Executive Ranks
Portfolio Pulse from Vandana Singh
Citigroup Inc's CEO Jane Fraser is restructuring the bank's upper management tiers to streamline the organization. The bank will abolish its division into two segments and remove the international layer overseeing global regions. The new model will eliminate several management layers and the heads of the five core businesses will report directly to Fraser. The exact number of job cuts resulting from these changes has not been disclosed. Citigroup's shares are up 2.22% at $42.61.
September 13, 2023 | 5:59 pm
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Citigroup is undergoing a significant restructuring, which could lead to job cuts. The bank's shares are currently up 2.22%.
The restructuring of Citigroup's upper management could lead to increased efficiency and cost savings in the long run, which is likely to be viewed positively by investors. This could explain the increase in the bank's share price. However, the potential job cuts could lead to short-term instability.
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