Citigroup is undergoing a substantial restructuring, aiming to cut 20,000 jobs by 2026, which is part of an effort to save $2.5 billion.
Jane Fraser stated, "We went through a significant simplification of our organization, removing management layers and the regional construct...making us a better partner to our clients."
Mark Mason mentioned, "This year, we are going to double what we usually set aside for severance payments...making it $600 million in 2025."
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