Warren Buffett tells Citi CEO to continue bank overhaul after 20,000 layoffs announced last week: Report

Connie Queline

Warren Buffett tells Citi CEO to continue bank overhaul after 20,000 layoffs announced last week: Report

Citigroup Inc. Chief Executive Officer Jane Fraser said billionaire investor Warren Buffett had urged her to continue with the bank’s reorganization efforts during a recent lunch meeting, Reuters reported.

Fraser told managing directors on Thursday about her conversation with Buffett, according to the report. Buffett’s Berkshire Hathaway Inc., one of Citigroup’s largest shareholders, confirmed the lunch took place but declined to provide details about the conversation, Reuters said.

The CEO, who is undertaking a broad overhaul of Citigroup that includes the elimination of 20,000 jobs, indicated that more information about the next round of the reorganization would be shared as soon as next week, according to Reuters. Citigroup declined to comment to the news service.

The 20,000 job cuts will include the impacts from a broad restructuring of Citigroup that Fraser initiated in September. The bank will begin eliminating more roles as part of that reorganization beginning the week of Jan. 22, she told staffers in a memo seen by Bloomberg.

Read more: Citigroup to cut 20,000 jobs, take up to $1 billion charge as CEO Jane Fraser vows ‘2024 will be a turning point’

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