Citigroup CEO Makes Sweeping Management Changes, Cuts Jobs

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:

• We combine the bank’s global consumer banking and wealth management businesses into one unit.
• We are creating a new unit focusing on Citigroup’s global investment banking and trading businesses.
• We are eliminating several senior management positions.
• We are cutting jobs in various divisions, including corporate and investment banking.

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:

• Update your resume and start networking. You should start looking for a new job soon.
• Talk to your manager about your options. You can negotiate a severance package or a transfer to another position within the company.

Take advantage of any resources your company offers for employees facing job cuts. This may include career counseling or job placement assistance.