Citigroup has initiated a series of layoffs as part of a significant corporate reorganization led by CEO Jane Fraser. The first phase of job cuts is affecting senior roles, including chiefs of staff and managing directors, with further layoffs expected to include general staff by February. Concurrently, Citigroup has appointed Jonathan Lofthouse as its new co-chief information officer, joining Shadman Zafar. The reorganization aims to streamline operations, enhance efficiency, and address challenges such as a persistent stock performance slump and rising operational costs. These changes mark Citigroup’s ongoing efforts to reshape its structure and bolster its market position.
Citigroup Initiates Layoffs as Part of Strategic Overhaul
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