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Benzinga
  • 2 years ago
Citi cut more than 300 senior manager roles as part of a restructuring plan announced by CEO Jane Fraser in September. The cuts affect employees two levels below Fraser's executive management team, representing around 10% of workers at that level. It's part of Fraser's goal to simplify Citi's structure and eliminate unnecessary complexity by scrapping its previous two-division model in favor of five new units. Citi aims to streamline layers of management and remove roles with overlapping responsibilities as it works to improve financial performance.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 City cut more than 300 senior manager roles as part of a restructuring plan announced
00:07 by CEO Jane Frazier in September.
00:09 The cuts affect employees two levels below Frazier's executive management team, representing
00:14 around 10% of workers at that level.
00:17 It's part of Frazier's goal to simplify city structure and eliminate unnecessary complexity
00:22 by scrapping its previous two-division model in favor of five new units.
00:26 The aim is to streamline layers of management and remove roles with overlapping responsibilities
00:31 as it works to improve financial performance.
00:34 For all things money, visit Benzinga.com.
00:36 [BLANK_AUDIO]
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