Citi cut more than 300 senior manager roles as part of a restructuring plan announced by CEO Jane Fraser in September. The cuts affect employees two levels below Fraser's executive management team, representing around 10% of workers at that level. It's part of Fraser's goal to simplify Citi's structure and eliminate unnecessary complexity by scrapping its previous two-division model in favor of five new units. Citi aims to streamline layers of management and remove roles with overlapping responsibilities as it works to improve financial performance.