Citigroup Inc's C CEO Jane Fraser is implementing significant changes in the bank's upper management tiers as part of her ongoing efforts to streamline the sprawling organization.
The bank decided to abolish its longstanding division into two segments and remove the international layer responsible for overseeing global regions.
The new model will eliminate the Personal Banking & Wealth Management and Institutional Clients Group management layers and the existing regional layers in Asia Pacific, Europe, the Middle East & Africa, and Latin America.
The heads of the five core businesses that Fraser has prioritized will report directly to her.
The five core businesses at Citigroup are as follows: services (Treasury, Trade Solutions, and Securities Services); markets; banking (comprising investment banking, corporate, and commercial banking); consumer banking; and wealth management.
The bank has not disclosed the exact number of job cuts resulting from these changes, but the new structure is expected to eliminate positions across the organization.
In August, Citigroup announced its intention to separate its Institutional Clients Group into several businesses into investment and corporate banking, global markets, and transaction services.
Price Action: C shares are up 2.22% at $42.61 on the last check Wednesday.
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