Citigroup lines up big job cuts in restructuring
Bankers at Citigroup in Britain are braced for upheaval after the American bank began making big job cuts as part of a restructuring to streamline its business.
The Wall Street group, which is led by Jane Fraser, its British chief executive, warned that it was having to make “difficult” decisions as it pushed ahead with the highly anticipated shake-up. The bank refused to provide details of the cuts, although Bloomberg reported that about 300 senior managers were being shed as part of the overhaul.
It comes after Fraser, 56, revealed plans in September for a wide-ranging reorganisation to reduce bureaucracy within the bank, conceding that the project would make some staff “very uncomfortable”, although she was “absolutely fine with that”. Last month Citi disclosed
