Citigroup considering at least 10% job cuts in major businesses: Report

Citigroup’s managers and consultants working on CEO Jane Fraser’s reorganisation have discussed job cuts of at least 10 per cent in several major businesses, CNBC reported on Monday, citing people with knowledge of the process.

The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter. The reorganisation, known internally as “Project Bora Bora” according to CNBC, is intended to give Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock price.
 

 

The discussions are at an early stage and the number of people axed could change, CNBC said, adding that the lender had hired Boston Consulting Group for the plan.
 

Fraser’s push to eliminate regional managers, co-heads and others with overlapping roles will translate into job cuts beyond 10 per cent for executives, the report said.
 

Last month, Citi said it would cut management layers from 13 to eight. In the two top layers of leadership, 15 per cent of functional roles were reduced and 60 committees were eliminated, it said The bank’s global headcount has stayed at 240,000 this year.