Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called 'Project Bora Bora'
Publishing timestamp: 2023-11-06 11:49:15
Summary
The article discusses the potential job cuts at Citigroup as part of CEO Jane Fraser's reorganization plan. Managers and consultants have discussed job cuts of at least 10% in several major businesses, and executives may see cuts beyond 10% due to the elimination of regional managers and others with overlapping responsibilities. The article highlights the pressure on Fraser to fix Citigroup, which has fallen behind its rivals since she took over. The article also mentions the need for substantial headcount reduction and the potential impact on Citigroup's stock recovery. The ultimate number of layoffs will be determined in the coming weeks, and the project aims to remove unnecessary layers to better serve clients.
Sentiment: NEGATIVE
Keywords: business news, investment strategy, breakingnewsglobal, wells fargo & co, layoffs, breaking news: markets, jpmorgan drn, bank of america corp, banks, breaking news: business, breaking news: investing, citigroup inc,
Source: https://www.cnbc.com/2023/11/06/citigroup-considers-deep-job-cuts-project-bora-bora.html