Warren Buffett Backs Citigroup's Massive Restructuring Plan

CEO Jane Fraser's overhaul, including 20,000 job cuts, receives support from one of the bank's largest shareholders.

Warren Buffett, one of the world's most successful investors, has expressed support for Citigroup CEO Jane Fraser's restructuring plan.
Fraser is leading Citigroup through its biggest overhaul in nearly two decades, which includes cutting 20,000 jobs and splitting the bank into five interconnected business units.
Buffett's investment conglomerate, Berkshire Hathaway, is one of Citigroup's largest shareholders, having bought $2.5 billion in Citi shares in 2022.
Citigroup's shares have gained more than 30% since the restructuring plan was announced.
More details about the next round of the reorganization will be shared next week.