Citigroup's 'Project Bora Bora' May Lead to Layoffs of Over 10% of Global Staff in Major Reorganization

Citigroup's CEO Jane Fraser plans to split the bank into five business units amidst predictions of the biggest banking layoffs this year; details to be announced in January alongside fourth-quarter earnings.

Citigroup’s 'Project Bora Bora,' an internal reorganization plan under CEO Jane Fraser, could result in the layoffs of more than 10% of the company's global workforce of around 240,000.
The bank's reorganization will split it into five interconnected units: services, markets, banking, wealth, and U.S. personal banking, potentially resulting in the decimation of existing departments such as Personal Banking & Wealth Management and the Institutional Clients Group.
High-risk groups for layoffs are cited as executives and leaders with overlapping responsibilities, including chiefs of staff and chief administrative officers, and members of operations teams in departments that are being eliminated or restructured.
Citigroup will provide details of its restructuring plans with the release of its fourth-quarter earnings in January.
Despite the planned layoffs, Citigroup’s third-quarter earnings surpassed expectations, with a 2% rise in net income to $3.5 billion and a 9% increase in revenue to $20.1 billion.