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Citigroup mulls another jobs cut

Citigroup is gearing up for potential layoffs as CEO Jane Fraser restructures the bank, focusing on five primary businesses. This move will dissolve the roles of three regional chiefs and the current two core operating units, affecting an unspecified number of employees. Key changes include Shahmir Khaliq leading a services unit, Andy Morton overseeing a trading division, and Gonzalo Luchetti heading US personal banking. Interim banking division leadership falls to Peter Babej, and soon-to-join Andy Sieg from Bank of America will guide Citigroup’s wealth offerings. All these leaders will be part of Fraser’s executive team, which will now comprise 19 members. Despite efforts to simplify Citigroup’s vast global operations, the bank’s shares have plunged 40% since Fraser’s leadership began in 2021.


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