Citigroup names Jane Fraser as next CEO; 53-yr-old will become first woman to lead a Wall Street bank
Fraser is currently head of Citi's global consumer banking division, a major part of the bank that oversees checking and savings accounts
The cuts are Chief Executive Michael Corbat's first major steps to reorganize the company since he took the reins in October after directors pushed out his predecessor, Vikram Pandit.
O'Neill, who hand-picked new CEO Michael Corbat, has an uphill task ahead of him. Citigroup is groaning under $171 billion of assets it wants to shed, has high expenses, and its profitability lags behind that of such competitors as JPMorgan Chase & Co
Corbat has said he will take the next several weeks to review the reporting structure, but names of potential candidates in what could be a round of reshuffling atop the third largest US bank are already beginning to surface among insiders.
Corbat's salary is lower than Pandit whose base pay touched $ 1.75 million in 2011. Pandit's overall compensation was more than $ 14.86 million in 2011.
Vikram Pandit may leave Citigroup Inc without a rich exit package, compensation experts say, although final terms of his departure likely will not be known for several days.