Job cuts expected as Citigroup CEO announces sweeping management changes
The management reorganization comes as Citigroup CEO Jane Fraser seeks to simplify the bank’s structure
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The management reorganization comes as Citigroup CEO Jane Fraser seeks to simplify the bank’s structure
Fraser’s new plan gives her more control of the bank as job cuts loom
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Ybarra, who has been at Citi for 36 years, is head of its Institutional Clients Group (ICG), and that position would no longer exist under the reorganization, the source said on Monday.
Citi has been working to simplify its structure. Analysts debated if such a move would add risk to Citi's revamp, or conversely provide Fraser with more control over the bank's direction.