essentially eliminates the Personal Banking & Wealth Management and Institutional Clients Group management layers as well as the existing regional layers in Asia Pacific, Europe, Middle East and Africa, and Latin America.
By elevating the leaders of Citi’s five businesses and eliminating management layers, the firm "will speed up decision-making, drive increased accountability and strengthen the focus on clients," according to Citi. However, the changes will also result in a "number of job cuts," people with knowledge of the matter told Bloomberg.
Citigroup CEO Jane Fraser said Wednesday that the company is making"significant changes" to streamline its operating model and speed up decision-making.
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