Citigroup cut 7,000 jobs in the first quarter of 2024, as the Wall Street bank pushed through a radical overhaul of its business unveiled by chief executive Jane Fraser in September.

Citigroup finished its plan to simplify its business and boost returns on 31 March. Code-named Project Bora Bora, the Wall Street bank stripped out five management layers, reorganising its business around core units in a move which included disbanding its institutional client group.