--Citigroup CEO Jane Fraser held a conference call on Thursday with managing directors to discuss the bank's sweeping overhaul as it eliminated more leadership roles this week, Reuters reports, citing people familiar with the situation.

--In separate conversations, managers in markets, risk and investment banking were informed they were being let go as part of the reorganization, the sources told Reuters.

--Some managers were told their positions would no longer exist as of Feb. 1, and more details about the layoffs and severance payments will be announced next week, Reuters reports, adding that Citigroup declined to comment.

Full story: https://www.reuters.com/business/finance/citigroup-lays-off-more-bosses-ceo-fraser-addresses-managing-directors-sources-2024-01-18/

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 19, 2024 06:18 ET (11:18 GMT)

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