Citigroup is reportedly contemplating substantial job reductions of at least 10 per cent in several of its major business segments as part of a comprehensive reorganisation effort led by CEO Jane Fraser, a CNBC report said citing sources.
Citigroup had previously signalled the possibility of job cuts as it unveiled its sweeping overhaul plan in September. However, the scale of these layoffs and cost savings will be evaluated in the current quarter.
The internal initiative, known as “Project Bora Bora”, is aimed at providing CEO Jane Fraser with more direct control as she endeavours to simplify Citigroup and enhance its stock performance. These discussions are still in the early stages, and the exact number of job cuts may flu…
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