
Citi announces biggest reorganisation since global financial crisis
- Citigroup is restructuring into five main business lines.
- All divisions will report directly to CEO Jane Fraser.
- Citi stock is currently down 20% versus its YTD high.
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Citigroup Inc (NYSE: C) is in focus this morning after announcing a corporate organisation that it expects will improve accountability and expedite decision making.
Citi is dividing into five business lines
Copy link to sectionThe multinational investment bank will now comprise of five main divisions versus two so far. Jane Fraser – the Chief Executive of Citigroup said in a press release today:
I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders.
Citigroup confirmed that the restructuring dubbed its largest since the global financial crisis will cut jobs but did not reveal exactly how many for now. The bank had a workforce of 240,000 at the end of June – up 4.0% versus last year.
Its shares have largely underperformed peers in recent months and are now down 20% versus their year-to-date high.
All divisions will report to CEO Jane Fraser
Copy link to sectionCitigroup has also started looking for a new head to lead its corporate and investment bank – one of the five divisions announced on Wednesday. According to CEO Jane Fraser:
These changes eliminate unnecessary complexity across the bank … all with an eye toward delivering on our medium-term targets and our transformation.
All five divisions will report directly to her, the press release added.
The stock market news arrives about a month before Citi is scheduled to report its financial results for the third quarter. Consensus is for it to earn $1.3 a share versus $1.5 per share a year ago.
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