The reorganization, known internally as “Project Bora Bora” according to CNBC, is intended to give Fraser more direct control as he seeks to streamline the Wall Street giant and boost its stock prices.
Discussions are at an early stage and the number of people laid off could change, CNBC said, adding that the lender had hired Boston Consulting Group for the plan.
Fraser’s push to eliminate regional managers, co-chiefs and others with overlapping roles will result in job cuts of more than 10% for executives, the report said.
Last month, Citi announced that it would reduce management levels from 13 to eight. In the top two layers of leadership, 15% of functional roles were reduced and 60 committees were eliminated, she said.
The bank’s global workforce has remained at 240,000 employees this year, it revealed in its latest quarterly supplement last month.
“As we have said previously, we are committed to realizing the bank’s full potential and delivering on our commitments to stakeholders,” said a company spokesman, who declined to comment on whether it had hired Boston Consulting Group.