Citigroup CEO Jane Fraser may preside over some of Wall Street’s deepest job cuts in years as she faces mounting pressure to fix the third-largest U.S.…
Managers and consultants working on Citigroup CEO Jane Fraser's reorganization have discussed job cuts of at least 10% in several major businesses, according to sources.
Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Already a laggard inthat matters to investors, the bank has fallen further behind rivals since Fraser took over in early 2021. It trades at a price-to-tangible book value ratio of 0.49, less than half the average of U.S. peers and one-third the valuation of top performers including, an Edward Jones analyst, said in an interview.
The ultimate number of layoffs will be determined in coming weeks as the massive project moves from management layers to rank-and-file workers. But some things are already clear, according to the people, who declined to be identified speaking about the confidential project.
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Citigroup mulls deep job cuts for CEO Jane Fraser's corporate overhaul, called ‘Project Bora Bora'Citigroup CEO Jane Fraser may preside over some of Wall Street’s deepest job cuts in years as she faces mounting pressure to fix the third-largest U.S.…
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