Citi has been pretty dysfunctional, and job cuts were coming, for a long time. I know there have been a lot of tech layoffs announced lately and maybe there is

Citi has been pretty dysfunctional, and job cuts were coming, for a long time. I know there have been a lot of tech layoffs announced lately and maybe there is something behind those but I wouldn't assume this announcement has the same cause. Fraser (the CEO) has been talking a big game for months about taking drastic action to turn Citi around. Sooner or later she had to actually do something or else her own position would start to look very vulnerable.