Citigroup CEO Jane Fraser announced the company was carrying out its next layer of management changes in a sweeping reorganization, in line with a memo to staff on Monday.
“The actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we consider they’re the right steps to align our structure with our strategy,” Fraser said in a separate statement.
Specific leadership changes across businesses and functions will probably be communicated by executives on Monday first to their teams and later posted on an internal site, the memo to employees said.
As a part of the reshuffle, the US bank will name considered one of its most senior bankers in Europe, Nacho Gutiérrez-Orrantia, recent head of banking in the region, in line with people conversant in the situation.
In his recent role of head of the Europe cluster, the Spanish banker will take care of Citi´s businesses in Europe.
![CEO Jane Fraser](https://nypost.com/wp-content/uploads/sites/2/2023/11/citi-ceo-jane-fraser-speaks-72424970.jpg?w=1024)
The reorganization could involve hundreds of layoffs, in line with a source conversant in the situation who was not authorized to talk publicly.
In the memo, Fraser said the final announcements related to the overhaul will occur at the starting of 2024.
Preparations for Monday’s announcements were communicated verbally in meetings last week, in line with one other source conversant in the situation. Some staff may have the ability to use for other roles at the bank, the source said.
![Citi logo](https://nypost.com/wp-content/uploads/sites/2/2023/11/citi-sign-seen-citigroup-stall-72607860.jpg?w=1024)
Citi announced plans to chop management layers from 13 to eight as a part of its biggest overhaul in many years. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third-quarter earnings presentation.
Support staff in compliance and risk management, and technology staff working on overlapping functions are liable to being laid off, Reuters reported in September.