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Citigroup Inc. (NYSE:) shares experienced an uptick on Wednesday, following CEO Jane Fraser’s announcement of a new reorganization plan for the company. Currently operating with two divisions, the financial services corporation is set to undergo a significant transformation into five separate divisions, all of which will report directly to the CEO.
Fraser said that this reorganization aims to streamline the business operations and increase accountability within the company.
Despite the positive reception from the market, there are concerns about potential job cuts that may arise due to this restructuring. The extent of these job cuts and their impact on the company’s workforce remains unclear at this stage.
The announced changes mark a pivotal point in Citigroup’s strategic direction under Fraser’s leadership, as she continues to implement measures aimed at enhancing operational efficiency and accountability within the corporation.
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