Citigroup announced on 12 January 2024 that it planned to eliminate approximately 20,000 positions, representing roughly 10% of its global workforce, as part of Chief Executive Jane Fraser's restructuring of the bank's organisational structure. The announcement accompanied a $1.8 billion fourth-quarter net loss.
The restructuring programme is expected to generate annualised run-rate savings of $2 billion to $2.5 billion over the medium term. The cuts affect multiple business lines and geographic regions. Citi operates in nearly 160 countries.
THIRTEEN MANAGEMENT LAYERS REDUCED TO EIGHT
The restructuring includes a reduction of management layers from thirteen to eight, first announced by Fraser in October 2023 as part of a reorganisation into five business lines reporting directly to the chief executive.
FRASER'S EARLIER CHANGES
Jane Fraser took the chief executive role in early 2021. Her early tenure included the announced exit from retail banking in a number of international markets.