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Citigroup: Behind The $1bn Reorganization for 2024 Q1

Citigroup announced plans for a major reorganization, with Chief Financial Officer Mark Mason revealing that the company expects to incur $1 billion in expenses for restructuring and severance this year.

Mark Mason is an American business executive, serving since 2019 as the chief financial officer of Citigroup. Photo: Getty Images
Mark Mason is an American business executive, serving since 2019 as the chief financial officer of Citigroup. Photo: Getty Images

The reorganization aims to streamline operations and could potentially result in layoffs of thousands of employees.

Mason stated that the company aims to complete the reorganization by the end of the first quarter of next year.

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