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Citigroup Insight: $1bn Spent in Cost-Cutting Ventures Explained

Citigroup plans to reduce costs as part of a major ongoing overhaul announced by CEO Jane Fraser in September.

Citigroup investment bank also announced they have experienced a trading slump. Photo: Getty Images
Citigroup investment bank also announced they have experienced a trading slump. Photo: Getty Images

The restructuring will see the bank organise itself around five core units and remove layers of management to increase efficiency and reduce expenses.

A couple of hundred million dollars is set to be spent in the final quarter of this year, and nearly $1 billion in charges will be accrued each year, largely as a result of the reorganisation.

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