From CNBC:

Citigroup’s CEO, Jane Fraser, testified before the House Committee on Financial Services in Washington, DC. The company announced plans to cut 10% of its workforce, approximately 20,000 employees, over the “medium term” to improve financial performance and stock price. The move comes as part of a broader overhaul of the bank, which has approximately 200,000 workers, excluding its Mexican operations.

The job cuts are part of a sweeping overhaul of the third-largest U.S. bank by assets, which was announced by CEO Jane Fraser in September. Managers and consultants involved in the effort, known internally as “Project Bora Bora,” had previously discussed job cuts of 10% in several major businesses. Citigroup said the 20,000 job cuts could be “slightly lower” if it chooses to use internal resources rather than outsource functions.

It is not immediately clear how long the “medium term” period is, but the bank has previously used that term to denote a three-to-five-year period. This story is developing, and updates will be provided as they become available.



Read more: Citigroup cutting 10% of workforce in CEO Fraser’s overhaul