Citigroup Reportedly Mulls At Least 10% Job Cuts

(RTTNews) - Citigroup (C) are reportedly planning job cuts of at least 10% in several major businesses.

Citigroup had earlier announced that it would undergo a major transformation after CEO Jane Fraser unveiled a plan to simplify the bank's operations and drive quicker decision-making.

The report said managers and consultants working on Fraser's reorganization, which is internally code name, "Project Bora Bora", have discussed job cuts of at least 10% in several major businesses.

Fraser plans to restructure Citigroup into five core business divisions, each reporting directly to Fraser. This shift represents a significant departure from the previous setup that focused on consumer and institutional clients.

Fraser plans to eliminate regional managers, co-heads and others with overlapping responsibilities, the report says. For instance, chiefs of staff and chief administrative officers across Citigroup will be pruned this month, said one of the people with knowledge of the situation.

Meanwhile, operations staff who supported businesses that have been divested or reorganised are also facing lay-off, as per the report.