Citigroup CEO Fan Jieen stated on March 5th that the restructuring aimed at streamlining the group's business and making it more competitive in the industry is happening faster than expected.
Fan Jieen previously initiated the largest restructuring of Citigroup in decades. The bank will lay off 20000 employees to increase returns and has shifted its focus to five key businesses: trading, banking, services, wealth management, and US consumer products.
Fan Jieen stated that the restructuring has simplified Citigroup's organizational structure and made reporting relationships clearer, which means that no one, including Fan Jieen himself, can escape responsibility. (Bloomberg)