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Billionaire Berkshire Hathaway (BRK.B) Chairman Warren Buffett wants Citigroup (New York Stock Exchange: C) CEO Jane Fraser to continue the bank’s comprehensive reform process.
Buffett, one of Citi’s largest shareholders, recently told Fraser over lunch about his feelings on Citi’s reorganization efforts, according to a Reuters report. Late Friday. Fraser told City managers about her conversations with Buffett on a conference call.
Fraser indicated to managing directors on 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.
Reuters, citing a Berkshire Hathaway representative, said Buffett confirmed the lunch took place, although he declined to provide further details about the conversation. City (C) declined to comment.
Buffett’s comments come after Citi (C) said last Friday that it plans to cut 20,000 jobs, or 10% of its workforce, in the next two years as it continues to implement a turnaround at the company. Designed by Fraser.
Shortly after Fraser took over as CEO in March 2021, she announced plans for Citi’s retail bank to exit about a dozen countries. Last year, the bank unveiled plans to reduce management layers and simplify the corporate structure.
Berkshire Hathaway (BRK.B) first disclosed a stake in Citigroup (NYSE:C) of about 55.2 million shares in May 2022. The investment firm still owned a 2.9% stake as of the end of last year’s third quarter.