Citigroup CEO Jane Fraser has unveiled a corporate reorganization plan aimed at reducing management layers and accelerating decision-making within the company. The banking giant will now be divided into five main business lines that report directly to Fraser, eliminating unnecessary complexity across the firm. The restructuring will also include job cuts, the exact number of which is yet to be determined.
The move comes as Citigroup seeks to revitalize its performance and overcome a persistent stock slump. Despite being the third-largest US bank by assets, Citigroup has struggled to regain its footing since the 2008 financial crisis, partially due to its comparatively smaller domestic retail banking presence. The reorganization is expected to be completed by the first quarter of next year.