Citigroup Continues Massive Layoffs in Major Reorganization

CEO Jane Fraser's strategy to streamline the bank involves cutting 20,000 jobs over the next two years.

Citigroup is undergoing a massive reorganization, with CEO Jane Fraser leading the charge.
The bank plans to cut 20,000 jobs over the next two years, following a $1.8 billion loss in the fourth quarter.
Managing directors in markets, risk and investment banking divisions have been informed of their layoffs.
5,000 employees will be cut in the current reorganization, another 5,000 from selling businesses, and 10,000 from support roles like technology and operations.
The layoffs and restructuring are part of Fraser's strategy to streamline the bank and boost its returns and share price.