Citi CEO Jane Fraser Warns of More Job Cuts, Aims to 'Raise the Bar'
Business
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CNBC TV18•16-01-2026, 08:40
Citi CEO Jane Fraser Warns of More Job Cuts, Aims to 'Raise the Bar'
- •Citi CEO Jane Fraser has warned employees of more job cuts and a raised bar for performance, aiming to reduce expenses and boost profits.
- •Citigroup Inc. plans to eliminate approximately 1,000 positions this week as part of a broader strategy.
- •The bank aims to cut 20,000 jobs by the end of 2026, a plan outlined two years ago, to streamline operations.
- •Fraser, who took over in 2021, has been reorganizing the core business and selling off foreign retail divisions to improve performance.
- •Citi's CFO Mark Mason predicted a total workforce reduction of about 60,000 by 2026, including 40,000 from the Mexican retail banking IPO.
Why It Matters: Citi CEO Jane Fraser is implementing significant job cuts and strategic changes to boost profitability and efficiency.
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