Reuters.Citigroup (NYSE:)’s CEO, Jane Fraser, has initiated a significant restructuring of the bank, marking the most substantial overhaul in 15 years. The plan aims to shift the bank’s focus from geographical divisions to its individual business units. The restructuring strategy has been met with mixed reactions internally due to uncertainty surrounding job cuts and cost reduction targets.
Fraser, who assumed her role as CEO in 2021, has been working towards making the bank more profitable and less risky. The exit of Paco Ybarra, a long-time veteran with significant influence within Citigroup, has allowed Fraser to increase her day-to-day control and implement the reorganization.
The restructuring has already resulted in several h…
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