Overview

• 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.