Citigroup (C) is reportedly considering significant job cuts of at least 10% in various major businesses as part of CEO Jane Fraser's reorganization efforts, according to a report in CNBC.
While these discussions are in their early stages, the exact figures may change in the coming weeks, the report noted.
Additionally, executives at Citigroup are expected to face cuts beyond the 10% threshold as part of Fraser's strategy to eliminate roles that involve redundant responsibilities, including regional managers and co-heads.
There is also potential risk for operations staff who previously supported businesses that have undergone divestitures or restructuring.
“The only thing she can do at this point is a really substantial headcount reduction,” analysts at Edward Jones told CNBC.
“She needs to do something big, and I think there’s a good chance it’ll be bigger and more painful for Citi employees than they expect.”