The CEO of Citigroup Jane Fraser announced that a reorganization is imminent at one the nation’s largest banks early Monday morning.
The changes are to be announced internally early this week. According to Reuters, a memo to staff from Fraser stated, “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.”
Wells Fargo has gone through multiple reorgs over the past several years and JP Morgan Chase has prepared the market for layoffs in coming months.
Citigroup will likely announce a new head of banking in Europe, according to multiple reports.
The market is anticipating thousands of redundancies before the end of 2023.