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Billionaire Berkshire Hathaway (BRK.B) boss Warren Buffett wants Citigroup Inc. (NYSE:C) CEO Jane Fraser to continue the bank’s overhaul.
Buffett, one of Citi’s (C) largest shareholders, recently told Fraser over lunch about his feelings about Citi’s reorganization efforts, according to a Reuters report late Friday. Fraser told Citi managing directors about her conversations with Buffett on a conference call.
Fraser indicated to the managing directors in the call on Thursday that the bank may announce its next round of reorganization as soon as this week, according to Reuters, which cited a source on the call.
Buffett confirmed the lunch took place, though he declined to give more details about the conversation, Reuters said, citing a Berkshire Hathaway representative. Citi (C) declined to comment.
Buffett’s comments come after Citi (C) said last Friday that it plans to cut 20K jobs, or 10% of its workforce, in the next two years as it continues to execute the transformation of the company. engineered by Fraser.
Soon after Fraser became CEO in March 2021, she announced plans for Citi’s retail bank to exit about a dozen countries. Last year, the bank disclosed plans to reduce layers of management and simplify the company’s structure.
Berkshire Hathaway (BRK.B) first disclosed a stake in Citigroup (NYSE:C) with ~55.2 million shares in May 2022. The investment firm still owned a 2.9% stake as of the end of 3Q of last year.
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