The American banking giant Citigroup is reported to be planning to reduce its workforce by 10 percent across various lines of business. This layoff plan was directly revealed by Citigroup's CEO, Jane Fraser, in September 2023. She mentioned that a major internal overhaul within the company would lead to mass layoffs.

"In a memo," Fraser said, "we will bid farewell to some very talented and hardworking colleagues," as quoted from CNBC on Tuesday (7/11).

This message immediately raised concerns among Citigroup's 240,000 employees. Furthermore, the layoffs issue has also affected the business lines under Fraser's leadership, known as the 'Bora Bora Project.'

Fraser is currently under pressure to address the challenges facing Citigroup. The prominent name in the US banking sector is becoming increasingly difficult to manage due to intense competition from its competitors.

Citigroup's CEO is claimed to be falling behind her competitors after leading the company since 2007. In fact, Citigroup's shares are trading at less than one-third of well-performing companies at the beginning of 2021.

"The only thing CEO Jane Fraser can do at this point is to significantly reduce the number of employees," suggested Edward Jones Analyst James Shanahan.

"She needs to take a bold step. I think this plan is likely to have a bigger and more painful impact on Citigroup's employees than they anticipated," he concluded.

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