NEW YORK - Citigroup Inc (NYSE:C). has initiated a significant restructuring effort under CEO Jane Fraser's leadership, with the layoff of over 300 senior managers. Some of the employees affected by these changes were informed of the layoffs today as Citigroup begins to implement this new chapter in its ongoing evolution.
This move, which impacts around 10% of the company's senior management tier, is part of a broader strategy to streamline the management structure and accelerate decision-making processes within the firm.
The bank's workforce was notified about the transition towards a new operating model and the related organizational changes. While the exact number of potential job cuts in the future has not been revealed, this initial wave of layoffs marks a decisive step in Fraser's plan to reshape the bank's operations.
This restructuring is aimed at simplifying Citigroup's complex management hierarchy, which has historically slowed down its ability to respond to market changes and customer needs rapidly. By reducing layers of senior management, Citigroup anticipates that it will become more agile and better positioned to execute its strategic initiatives.
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