Citigroup Implements Major Layoffs and Restructuring Plan under CEO Fraser

Citigroup has initiated a new round of job cuts, targeting senior managers, as part of its ongoing reorganization efforts. The cuts amount to approximately 10% of senior manager roles, or around 300 managers. This move comes as Wall Street faces a challenging end to 2023, with banks struggling to overcome a dealmaking slump, an uncertain economy, and the impact of higher interest rates. Citigroup's CEO, Jane Fraser, hopes that the restructuring will revive the bank's stock price and eliminate years of inefficiency. The bank is also pulling back from consumer banking in certain regions as part of its earlier plan. Citigroup's CFO will provide further details on the restructuring next month.