Citigroup said in a statement that the actions to restructure the institution involved some difficult decisions, but it is believed that these are the right steps to align the bank's structure with its strategy and ensure that it consistently delivers excellence to its customers.
In the statement, it was noted that while the bank's organizational structure continues to be aligned with the new, simplified operating model, the next phase of organizational changes has been shared with bank employees.
On the other hand, Bloomberg reported that Citigroup Chief Executive Officer (CEO) Jane Fraser terminated the jobs of more than 300 senior executives as part of the restructuring.
According to the news, it was noted that this number constituted approximately 10 percent of the bank's employees.
It is stated that these organizational changes will be the biggest restructuring of the New York-based bank in the last 20 years.
Citigroup decides to restructure
Citigroup, one of the largest banks in the US, announced that the next phase of organizational changes has begun as the bank's organizational structure is aligned with the new operating model.
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