(Reuters) -Citigroup said on Monday a sweeping reorganization aimed at simplifying the most global Wall Street bank and improving its profitability has concluded.
In September, the lender announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades.
“The new, flatter structure elevates the leaders of Citi’s five businesses and eliminates management layers,” the bank said in a statement.
The bank has set the target of lowering its headcount globally by 20,000 or roughly 8% over the next two years as part of CEO Jane Fraser’s overhaul.
Shares in the bank were up marginally in afternoon trading.
“The organization simplification, which took 7 months to complete, should provide more evidence that Citi can meet its targets and do so methodically,” Wells Fargo analysts said in a note earlier in the day.
(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)
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