“The actions we are taking to restructure the company involve some difficult decisions that will have consequences, but we believe they are the right steps to align our structure with our strategy,” Fraser said in a separate statement.
The memo addressed to employees said that certain changes in the leadership of activities and functions will be communicated by executives to their teams first, on Monday, and will be later published on an internal website.
Informed sources said that as part of the restructuring, the American bank will appoint one of Europe’s leading bankers, Nacho Guterres Orrantia, as the new head of banking services in the region.
In his new position as President of the Europe Group, the Spanish banker will oversee Citigroup’s business in Europe.
An informed source who was not authorized to speak publicly said that the restructuring process may include laying off thousands of employees. Fraser said in the memo that final announcements regarding the structuring will be made in early 2024.
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