Citigroup Plans Job Cuts as Bank Is Restructured

Citigroup is undergoing its largest restructuring in two decades, reorganizing into five main business units reporting directly to CEO Jane Fraser. The restructuring includes eliminating regional leadership roles, leading to potential job cuts. A memo from Fraser highlights Citigroup's unique global capabilities. The investment bank is seeking a new head as Peter Babay steps down. Future financial targets will be revealed in the fourth quarter. Jane Fraser is expected to make a surprise appearance at a Wall Street conference to discuss these changes.

What is the primary focus of Citigroup's restructuring as mentioned in the first section?

• Reducing the number of business units

• Reorganizing into five main business units

• Increasing the number of regional leadership roles

• Expanding into new markets

What significant change is expected in Citigroup's management structure?

• Increase in the number of executive management team members

• Elimination of regional leadership roles

• Reduction in the number of business units

• Introduction of new regional leadership roles

Who was named as the head of the investment bank in Asia Pacific?

• Jason Recat

• Tyler Dixon

• Peter Babay

• Jane Fraser

When are Citigroup's financial targets expected to be announced?

• In the first quarter

• In the second quarter

• In the third quarter

• In the fourth quarter

What is the current performance of Citigroup's stock as mentioned in the final section?

• Negative by 0.9%

• Positive by 0.9%

• Negative by 1.5%

• Unchanged