Citigroup to Remove Five Management Layers in Restructuring (1)

Citigroup Inc. Chief Executive Officer Jane Fraser plans to get rid of five layers of management as part of her sweeping reorganization of the bank.

The company intends to cut back to eight layers from 13 as part of the restructuring, according to a presentation posted on the firm’s website Friday as the bank announced third-quarter results. Already, the adjustments made by Fraser have allowed the company to eliminate roughly 60 management committees.

Jane Fraser

Photographer: Stefan Wermuth/Bloomberg

The changes will ultimately amount to the Wall Street giant’s biggest restructuring in two decades. With the moves, New York-based Citigroup is abandoning its two core ...