"Citigroup Mulls Deep Job Cuts For CEO Jane Fraser's Corporate Overhaul, Called 'Project Bora Bora'" - CNBC
Portfolio Pulse from Benzinga Newsdesk
Citigroup is considering job cuts of at least 10% in several major businesses as part of CEO Jane Fraser's corporate overhaul, known as 'Project Bora Bora'. The bank, which has been lagging behind its peers, is under pressure to improve its performance. The job cuts, if implemented, would be one of Wall Street's deepest rounds of dismissals in years. An update on the plan and its financial impact will be announced in January along with fourth-quarter earnings.
November 06, 2023 | 1:21 pm
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Citigroup is considering significant job cuts as part of a corporate overhaul. This could potentially lead to short-term uncertainty and volatility in the stock.
The news of potential job cuts at Citigroup could lead to uncertainty among investors, potentially causing short-term volatility in the stock. However, if the cuts lead to improved efficiency and profitability, the long-term impact could be positive.
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