Citigroup CEO Jane Fraser held a conference with managing directors to address the bank’s sweeping overhaul as it eliminated more leadership roles this week, Tatiana Bautzer of Reuters reports, citing two sources familiar with the situation. In separate conversations, managers in the markets, risk and investment banking were informed they were being let go, according to Reuters’ sources and two others familiar with the process. Headcount will be cut by 5,000 in the current reorganization while a further 5,000 employees will be cut from selling businesses, one of the sources told Reuters.
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