Citigroup CEO Jane Fraser reorganizes businesses, cuts jobs as bank is mired in stock slump

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, May 1, 2023.

Mike Blake | Reuters

Citigroup CEO Jane Fraser announced a corporate reorganization Wednesday, saying the move would cut down management layers and accelerate decisions.

Fraser, closing in on her third full year atop Citigroup, said in a release that the firm’s five main business lines would report directly to her.

The changes will include job cuts, though the company hasn’t decided on a number yet, according to people with knowledge of the matter.

This is breaking news. Please check back for updates.

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