Wall Street’s most powerful woman shakes up Citibank in bid to narrow gap with rivals: ‘We’ll be saying goodbye to some very talented and hard-working colleagues’

Citigroup CEO Jane Fraser (Credit: Drew Angerer—Getty Images)

Citigroup CEO Jane Fraser has initiated sweeping changes to the bank to flatten hierarchies, speed up decision-making and drive greater accountability in a bid to reinvigorate the stock.

Citi wouldn’t reveal the number of jobs that will be lost in the process, but Wall Street’s most powerful woman predicted employees would find many of the changes “very uncomfortable.”