Citi’s Makeover Has Yet To Reach The Compliance Department And that is getting expensive.
Just four months ago, Citigroup completed a major management overhaul, restructuring into five business lines and cutting its number of management layers from 13 to eight. (Well, sort of completed: There are still another 15,000 or so jobs to be cut over the next couple of years.) This is all in service of Jane Fraser’s effort to finally turn around the most unwieldy, cumbersome bank on Wall Street, one which may still founder on the shoals.
