Citigroup Contemplates 10% Job Cuts in Major Business Units in CEO's Restructuring Drive

Company CultureHigh Tech / High Touch
Written By Jennifer Joslyn

Citigroup is reportedly considering job cuts of at least 10% in several major business units as part of CEO Jane Fraser's reorganization efforts. This restructuring, internally referred to as "Project Bora Bora," aims to simplify the bank's operations and boost its stock price. While discussions are in the early stages and the exact number of job cuts may change, Fraser's goal to eliminate overlapping roles and reduce management layers could lead to reductions beyond the initial 10%. Citigroup has hired Boston Consulting Group to assist with this plan, as it seeks to align its structure with its strategy and improve its financial performance under Fraser's leadership.

Read more at Reuters >

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Jennifer Joslyn
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