Fed-Up Fraser Turns to Downsizing to Cure Citi’s Painful Slump

Inside Citigroup Inc., managers are scrambling to carry out the Wall Street giant’s biggest restructuring in two decades.

They have eight weeks left.

Chief Executive Officer Jane Fraser has given her top 150 managers until the end of November to explain how they plan to strip away the layers of bureaucracy that have long plagued the company. For staffers awaiting their fate, that spells weeks of anxiety-ridden town halls and nervous one-on-one meetings with their bosses.

CEO Jane Fraser

Photographer: Lauren Justice/Bloomberg

The overhaul is in some ways an admission that Fraser’s efforts since taking over almost three years ago have done little to ...