Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007.
Stock Chart Icon Stock chart icon Citigroup's stock has been mired in a slump under CEO Jane Fraser.
While competitors have been cutting jobs this year, Citigroup's staff levels remained at 240,000.
That leaves Citigroup with the biggest workforce of any American bank except the larger and far more profitable JPMorgan.
Executives will see cuts beyond 10% because of Fraser's push to eliminate regional managers, co-heads and others with overlapping responsibilities, they said.
Persons:
Citigroup Jane Fraser, Alex Wong, Jane Fraser, Fraser, JPMorgan Chase, James Shanahan, Edward Jones, Mike Corbat, they'll, Mike Mayo, Titi Cole, Citigroup's, Cole, Wells, I'm, Dana Neibert
Organizations:
Citigroup, Financial Services, Rayburn House, JPMorgan, Citi, Bank of America, Boston Consulting, Bank, Getty, Operations
Locations:
Washington , DC, U.S, Wells Fargo, Tahiti, Polynesia