Warren Buffett Tells Citi CEO to Proceed Overhaul, Reuters Says

(Bloomberg) — Citigroup Inc. Chief Government Officer Jane Fraser mentioned billionaire investor Warren Buffett had urged her to proceed with the financial institution’s reorganization efforts throughout a current lunch assembly, Reuters reported.

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Fraser informed managing administrators on Thursday about her dialog with Buffett, in accordance with the report. Buffett’s Berkshire Hathaway Inc., one in every of Citigroup’s largest shareholders, confirmed the lunch came about however declined to offer particulars in regards to the dialog, Reuters mentioned.

The CEO, who’s endeavor 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 accordance with Reuters. Citigroup declined to remark to the information service.

The 20,000 job cuts will embrace 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 informed staffers in a memo seen by Bloomberg.

Learn extra: Citi to Lower 20,000 Roles in Fraser’s Bid to Increase Returns

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