Citigroup Laying Off About 300 Senior Managers

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Citigroup is reportedly laying off about 300 people in a senior manager roles. A source tells Bloomberg, the company began announcing the job cuts earlier today. Adding that the layoff affected about 10% of the company's staff members at that level. The structural changes are reportedly part of a reorganization plan. The Ceo Jane Fraser is carrying out to simplify the Bank Reuters reports that Fraser says the restructuring involves quote difficult consequential decisions, but we believe they are the right steps to align our structure with our strategy. The overall reorganization plan could include thousands of layoffs according to a source from Reuters.