Proactive Investors - Citigroup Inc (NYSE:C) is reportedly cutting jobs in compliance and risk management as it carries out its biggest reorganisation in two decades.
Conversations are already taking place with staff, it was reported by Reuters, after CEO Jane Fraser this week said America's third-largest bank would cut jobs and remove a layer of management as part of the reorganisation.
It was reported last month that Fraser was looking to gain more direct power to try and boost profits and the share price.
Leaving its consumer-centric division alone, the reorganisation is focused on splitting its main profit engine, Institutional Clients Group (ICG), into divisions focused on its three main sectors.
The bosses of the investment & corporate banking, global markets, and transaction services businesses will all report directly to Fraser, enhancing her day-to-day oversight.
However, a recent announcement revealed plans to separate wealth management, led by Andy Sieg, from its consumer bank.