Citigroup Announces Major Reorganization, Job Assessments for Staff in Full Swing
Citigroup is undergoing a major reorganization, with managers assessing staff to determine who will stay, be reassigned, or be laid off by November. The restructuring aims to simplify the bank's structure, focus on profitable areas, and improve its share price. The bank plans to cut jobs in support areas like compliance and risk management while sparing profit-making units. The bank's net income for the second quarter fell but exceeded analyst expectations.