By Tatiana Bautzer NEW YORK (Reuters) - Citigroup chief executive Jane Fraser's move on Wednesday to strip out a layer of top management, cull jobs and ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW YORK - Citigroup chief executive Jane Fraser's move on Wednesday to strip out a layer of top management, cull jobs and take more control of key businesses marks her boldest move yet to simplify the Wall Street giant and boost its share price.
She has sought to streamline the global lender in its biggest revamp in almost 20 years and announced the intention to exit 13 markets worldwide. The bank is also planning to list its Mexican consumer unit, known as Banamex, after a sale process fell through. As part of her strategy, she is focusing the bank on its institutional business to become the leading global bank for corporations and asset managers looking to do business cross-border. On Wednesday, she eliminated layers of management in order to more directly oversee institutional and international businesses.
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