Citigroup layoffs: CEO Jane Fraser announces management changes, 'difficult' decisions

livemint.com:

Jane Fraser and her executive management team announced on Monday the next layer of changes in a sweeping reorganization, according to memos to staff seen by Reuters and sources familiar with the situation. Executive management team members sent emails to subordinates outlining changes, according to one source familiar with the situation who declined to be identified discussing personnel matters. Leaders also held conference calls to discuss the changes, another source said.

"The actions we're taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy," Fraser said in a separate statement. In the U.S. personal banking division, some roles were merged and Brad Wayman was appointed as the new chief operating officer for the unit.

The bank appointed Chris McCullough to succeed Wayman as head of mortgage and small business lending. Patrick Gallagher was appointed head of execution in the division. Two executives in the division, Dena Roten and Ryan Crowley, will transition out of their roles.

Citi will name one of its most senior bankers in Europe, Nacho Gutiérrez-Orrantia, new head of banking in the region, according to people familiar with the situation. In his new role of head of the Europe cluster, the Spanish banker will look after Citi´s businesses in Europe. Citi declined to comment on specific names.