146 Citigroup Inc.’s Chief Executive Officer, Jane Fraser, shared insights from a recent lunch meeting with billionaire investor Warren Buffett, where he encouraged her to persevere with the bank’s ongoing reorganization efforts, as reported by Reuters. Fraser discussed her conversation with Buffett during a meeting with managing directors, emphasizing his support for Citigroup’s restructuring initiatives. Berkshire Hathaway Inc., one of Citigroup’s major shareholders, confirmed the lunch meeting but did not disclose specific details of the discussion. The CEO, leading a comprehensive overhaul at Citigroup involving the elimination of 20,000 jobs, hinted at the forthcoming details of the next phase of the reorganization, with information likely to be shared as early as next week, according to Reuters. Citigroup refrained from providing additional comments to the news service. The planned reduction of 20,000 jobs encompasses the broader restructuring initiated by Fraser in September. As part of this ongoing reorganization, Citigroup is set to implement further job cuts starting the week of January 22, as communicated to staff in a memo seen by Bloomberg. The move reflects Citigroup’s commitment to streamlining operations and adapting to evolving market dynamics. You Might Be Interested In Farmers Insurance Appoints Eric Coleman as President of Business Insurance RGA Strikes Landmark Deal with Japan Post Insurance for 700 Billion JPY Longevity Reinsurance Wall Street and Beijing Grapple with Aftermath of Ransomware Attack on China’s Largest Bank Citi Appoints Luke Lu as China Country Officer and Banking Head M&T Bank Corp Reduces Stake in Jabil Inc Walmart Implements Autonomous Forklifts in Distribution Centers
