Citigroup lays off more bosses as CEO Fraser addresses managing directors -sources

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Citigroup CEO Jane Fraser held a conference call on Thursday with managing directors to discuss the bank's sweeping overhaul, according to two sources familiar with the situation, as it eliminated more leadership roles this week.

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19 Jan 2024

In separate conversations, managers in markets, risk and investment banking were informed they were being let go as part of the reorganization, according to the sources and two others familiar with the process who declined to be identified discussing personnel matters.

Some managers were told their positions would no longer exist as of Feb. 1, two of the four sources said. More details about the layoffs and severance payments will be announced next week, they added.

Citigroup declined to comment.

The bank last week said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss.

While Citi has provided periodic updates on the cuts, investors and workers are closely watching the timing and details around the organizational changes. Fraser's call