Citigroup Undergoing Major Reorganization, Includes Significant Job Cuts

CEO Jane Fraser leads the restructuring, potentially eliminating up to 10% of the workforce.

Citigroup is undergoing a major reorganization under CEO Jane Fraser, which includes significant job cuts and management changes.
The bank has not disclosed the total number of positions being eliminated, but reports suggest that more than 300 senior manager roles have been cut.
The reorganization, internally referred to as 'Project Bora Bora', could potentially lead to the elimination of about 10% of Citi's 240,000 employees.
Citigroup plans to complete its reorganization by the end of March 2024.
Employees whose roles have been eliminated will have the opportunity to apply for other positions within the bank.