Citigroup Inc. Chief Government Officer Jane Fraser stated billionaire investor Warren Buffett had urged her to proceed with the financial institution’s reorganization efforts throughout a current lunch assembly, Reuters reported.
Fraser instructed managing administrators on Thursday about her dialog with Buffett, in line with the report. Buffett’s Berkshire Hathaway Inc., one in all Citigroup’s largest shareholders, confirmed the lunch passed off however declined to offer particulars concerning the dialog, Reuters stated.
The CEO, who’s enterprise a broad overhaul of Citigroup that features the elimination of 20,000 jobs, indicated that extra details about the following spherical of the reorganization can be shared as quickly as subsequent week, in line with Reuters. Citigroup declined to remark to the information service.
The 20,000 job cuts will embody the impacts from a broad restructuring of Citigroup that Fraser initiated in September. The financial institution will start eliminating extra roles as a part of that reorganization starting the week of Jan. 22, she instructed staffers in a memo seen by Bloomberg.
Learn extra: Citigroup to cut 20,000 jobs, take up to $1 billion charge as CEO Jane Fraser vows ‘2024 will be a turning point’
