Citigroup’s stock rises as it reorganizes into a ‘streamlined geographic structure’

Citigroup Inc.’s
C,
+0.56%
stock was up 0.8% in premarket trading on Wednesday after the megabank said it would reorganize into a flatter structure with leads of its five major business units reporting directly to Chief Executive Jane Fraser. The bank did not disclose any headcount reduction figures but said it’s “committed to retaining top talent and supporting employees who are leaving the company.” Fraser said the changes will eliminate unnecessary complexity and “increase accountability for delivering excellent client service.” The leaders include Shahmir Khaliq (services), Andrew Morton (markets), Peter Babej (head of banking on an interim basis), Andy Sieg (wealth) and Gonzalo Luchetti (U.S. personal banking).