Citigroup Inc. is preparing for a wave of job cuts as Chief Executive Officer Jane Fraser restructures the Wall Street giant to operate from five main businesses.
The company will no longer have three regional chiefs overseeing its business in about 160 countries around the world, according to a statement Wednesday. At least four of Fraser’s senior deputies got new roles in the shakeup, and the firm is looking for a head of banking, which includes oversight of the investment-banking unit.
“As Citi swiftly transitions to this new model, the firm is committed to retaining top talent and supporting employees who are leaving the company,” the New York-based bank said in the statement. Citigroup will now focus on five main operating units, including a services unit led by Shahmir Khaliq, a trading division headed by Andy Morton and a US personal-banking division under Gonzalo Luchetti. Peter Babej will lead the firm’s banking division on an interim basis, while Andy Sieg is set to join the bank later this month from Bank of America Corp. to lead Citigroup’s wealth offerings.
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