Citigroup Contemplates 10% Job Cuts in Overhaul Effort

Citigroup is considering job cuts of at least 10% in several major businesses as part of CEO Jane Fraser's reorganization plan, according to sources. The bank, which has warned of job cuts as part of a sweeping overhaul, has hired Boston Consulting Group for the plan. The discussions are in the early stages and the number of job cuts could change. Fraser's push to simplify the bank and boost its stock price may result in job cuts beyond 10% for executives. Last month, Citi announced it would reduce management layers and eliminate functional roles and committees.