Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, May 1, 2023.

Mike Blake | Reuters

Citigroup CEO Jane Fraser announced a corporate reorganization Wednesday, saying the move would cut down management layers and accelerate decisions.

Fraser, closing in on her third full year atop Citigroup, said in a release that the firm’s five main business lines would report directly to her.

The changes will include job cuts, though the company hasn’t decided on a number yet, according to people with knowledge of the matter.

This is breaking news. Please check back for updates.

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