Finance
Citigroup’s Fraser Plans to Remove Five Management Layers in Reorganization
- Reorganization has already freed up thousands of man-hours
- Bank is in midst of its biggest restructuring in two decades
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Citigroup Inc. Chief Executive Officer Jane Fraser plans to get rid of five layers of management as part of her sweeping reorganization of the bank.
The company intends to cut back to eight layers from 13 as part of the restructuring, according to a presentation posted on the firm’s website Friday as the bank announced third-quarter results. Already, the adjustments made by Fraser have allowed the company to eliminate roughly 60 management committees.