Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul
Publishing timestamp: 2024-01-12 11:57:48
Summary
Citigroup is cutting 10% of its workforce in an effort to improve the bank's results and stock price. The layoffs will affect approximately 20,000 employees over the medium term. This move is part of a restructuring effort led by CEO Jane Fraser, who aims to address the bank's lagging performance compared to its peers. The job cuts are expected to result in cost savings of up to $2.5 billion over time.
Sentiment: NEGATIVE
Keywords: labor economy, breaking news: investing, personnel, layoffs, banks, breaking news: markets, citigroup inc, wells fargo & co, business news, investment strategy, breakingnewsglobal,
Source: https://www.cnbc.com/2024/01/12/citigroup-cutting-10percent-of-workforce.html