Separately, CFO Mason said he expected the bank's trading revenue to climb by a percentage in the low single digits in the third quarter, while investment banking revenue will be flat or rise slightly. "These changes seem fairly nuanced - all of the key players from 2022 are still in place." "Investors are only going to give Citigroup credit for hard numbers meeting their goals," said Eric Compton, banking analyst at Morningstar. LOW VALUATIONĪlthough shares were rising on Wednesday, they are still valued at less than half of its book value, while competitors such as Wells Fargo (WFC.N) and Bank of America (BAC.N) are above 0.8, and JPMorgan Chase (JPM.N) at 1.4. "All of this, at the end of the day, is increasing accountability in the organization," Fraser told investors. The new division heads will take decisions about the second and third layers of management, which are expected to be announced in November and January, according to three sources familiar with the matter who declined to be identified discussing personnel matters. Learn about salary, employee reviews, interviews, benefits, and work-life balance. The reshuffle is likely to prompt departures, Fraser said in a memo to employees seen by Reuters. The changes have eliminated 35 committees, Fraser said, citing an example of efforts to reduce bureaucracy. It eliminated management layers in what was known as its Institutional Clients Group, formerly its largest division, and Personal Banking and Wealth Management. businesses under Ernesto Cantú, its new head of international. The bank is looking to hire externally for the banking head. Learn about salary, employee reviews, interviews, benefits, and work-life balance.
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