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Citigroup CEO Announces Sweeping Changes, Job Cuts in Major Restructuring

CEO Jane Fraser reorganized businesses into 5 main units reporting directly to her, breaking up the largest division.
International leadership roles outside North America will be consolidated under the new head of international.
The changes aim to eliminate complexity, accelerate decision-making, and improve accountability.
An unspecified number of jobs are expected to be cut as part of the restructuring.
Fraser hopes to transform Citigroup's business and close the gap with competitors like JPMorgan and Bank of America.

Business Insider