03:10 PM EST, 01/16/2025 (MT Newswires) -- Citigroup ( C ) has carried out additional job cuts this week as executives followed up on CEO Jane Fraser's focus on reducing expenses, Bloomberg reported Thursday, citing sources with knowledge of the matter.

The lender is cutting several managing directors in the wealth and technology units along with a team that handled client data and analysis, according to the report, which added that Shadman Zafar, the bank's Dallas-based co-chief information officer, is also retiring.

Certain cost savings measures will be directed towards improving data quality and enhancing regulatory controls, Fraser reportedly said Wednesday.

Citigroup ( C ) called these moves normal business operations involving leadership changes, retirements, and targeted staff adjustments, Bloomberg reported, citing an emailed statement from the company.

The bank's total headcount stood at 229,000 at the end of Q4, down by 10,000 from the previous year, according to Bloomberg.

Citigroup ( C ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 78.25, Change: -0.02, Percent Change: -0.03