Citigroup CEO announces management changes

Cutting manpower: A pedestrian walks past a Citibank branch in Chicago, Illinois. The full reorganisation of Citigroup, the parent company of Citibank, could involve thousands of layoffs, according to a source. — AFP

NEW YORK: Citigroup chief executive officer Jane Fraser and her executive management team announced on Monday the next layer of changes in a sweeping reorganisation, according to memos to staff seen by Reuters and sources familiar with the situation.

Executive management team members sent emails to subordinates outlining changes, according to one source familiar with the situation who declined to be identified discussing personnel matters.