September 15, 2023: Citigroup CEO Jane Fraser is making sweeping management changes and cutting jobs to streamline the company and make it more profitable.
The changes include:
Fraser said that the changes are necessary to position Citigroup for long-term success. She said that the company needs to be more focused on its core businesses and that it needs to reduce costs.
The changes are expected to save Citigroup billions of dollars annually. However, the job cuts are likely to be painful for many employees.
Here are some tips for employees who are facing job cuts:
Take advantage of any resources your company offers for employees facing job cuts. This may include career counseling or job placement assistance.