Balanced News: Citigroup begins layoffs as part of CEO Jane Fraser’s corporate overhaul

Citigroup is set to begin layoffs as part of CEO Jane Fraser’s corporate overhaul. Employees affected by the cuts will be informed starting Wednesday, with new dismissals announced daily through early next week. The restructuring plan, announced in September, includes the departure of senior executives and the creation of five new divisions. The next phase of changes will be implemented by the end of November, with final changes completed by March 2024. The extent of job cuts is still being determined, but discussions have suggested at least a 10% reduction in several businesses.