Reuters.Citigroup Inc (NYSE:)., a prominent player in the Banks industry according to InvestingPro Tips, is undergoing its most substantial restructuring in two decades, aiming to address a 40% decline in its stock value and a reduced market worth of $79 billion. This strategic move, initiated by CEO Jane Fraser in collaboration with Boston Consulting Group, was revealed on Friday.
The restructuring strategy includes a focus on five key business areas, the enforcement of stringent return-to-office policies, and workforce downsizing. The bank has already eliminated 5,000 positions, resulting in $400 million in severance charges.
Another key aspect of the restructuring is the effort to reduce the company’s compensation ratio from its …
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