Reuters
Citigroup will start notifying employees that they’re losing their jobs Wednesday, as part of Chief Executive Officer Jane Fraser’s corporate overhaul, CNBC reported, citing people familiar with the situation.
Dismissals will be announced daily through early next week, the news organizations said, without naming its sources. Cuts will affect chiefs of staff, managing directors and lower level employees and will spread to more rank-and-file staff by February, CNBC said.
Citigroup declined to comment, according to the report.
On Oct. 6, CNBC also reported that managers and consultants involved in the bank’s reorganization plan, internally named “Project Bora Bora,” had discussed cutting at least 10% of jobs in major businesses.
Fraser announced in September a reorganization plan to simplify the structure of the bank. The third-largest U.S. bank said on Oct. 13 it will provide an update on organizational changes when it reports fourth-quarter results in January.
“When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders,” Fraser said in the latest earnings statement in reference to the changes.
Citigroup’s profit rose 2% in the third quarter to $3.5 billion. JPMorgan, the biggest U.S. bank, increased profit by 35% in the same period to $13.2 billion.
