01/19/2024

Citigroup Lays off More Bosses

Meanwhile, its CEO addresses the managing directors

Citigroup (C.N), opens new tab CEO Jane Fraser held a conference call on Thursday with managing directors to discuss the bank's sweeping overhaul, according to two sources familiar with the situation, as it eliminated more leadership roles this week.

In separate conversations, managers in markets, risk and investment banking were informed they were being let go as part of the reorganization, according to the sources and two others familiar with the process who declined to be identified discussing personnel matters.

Some managers were told their positions would no longer exist as of Feb. 1, two of the four sources said. More details about the layoffs and severance payments will be announced next week, they added.

Please select this link to read the complete article from Reuters.