Citigroup Makes Fresh Round of Layoffs in Jane Fraser’s Restructuring Plan

Citigroup began making an extensive round of layoffs and organizational changes, part of Chief Executive Jane Fraser’s efforts to streamline the sprawling global bank.

The bank on Monday didn’t say how many employees were due to be cut on Monday and it hasn’t set a target for total layoffs. Instead, Fraser in September ordered her subordinates to remake their teams for a new alignment she devised and then cut positions that no longer were needed.