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Citigroup is cutting 10% of its workforce in CEO Jane Fraser’s corporate overhaul - TL;DR CNBC

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

Tickers: CWFC

Keywords: labor economybreaking news: investingpersonnellayoffsbanksbreaking news: marketscitigroup incwells fargo & cobusiness newsinvestment strategybreakingnewsglobal

Source: https://www.cnbc.com/2024/01/12/citigroup-cutting-10percent-of-workforce.html


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