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  • NEWS Desk Global

CITIGROUP REORGANIZATION WILL BE COMPLETED IN FIRST QUARTER, COST $1 BILLION

Citigroup (C.N) Chief Financial Officer Mark Mason said on Wednesday the bank's largest reorganization in decades will cost about $1 billion for charges related to restructuring.

The overhaul is expected to be fully completed by the end of the first quarter next year, Mason told the Goldman Sachs (GS.N) U.S. Financial Services Conference. The changes include slimming down management and potentially laying off thousands of employees.

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