March 25, 2024
(Reuters) - Citigroup is in the last phase of a sweeping overhaul to simplify its structure and improve profits, the bank said on Monday, after shrinking its workforce by 5,000 employees since September.
The reorganization, announced in September, reduced management layers to eight from 13. The bank aims to lower its global headcount by 20,000 or roughly 8% over the next two years.
"The organization simplification, which took 7 months to complete, should provide more evidence that Citi can meet its targets and do so methodically," Wells Fargo analysts wrote in a note earlier Monday.
By Tatiana Bautzer and Manya Saini
