Citigroup Inc.’s stock C was up by 0.3% in premarket trading on Monday after CNBC-TV reported layoffs of at least 10% in some departments as part of a previously-announced restructuring under Chief Executive Jane Fraser. Citigroup disclosed 238,000 employees as of Sept. 30, down 2,000 from June 30. Internally, the effort is taking place under the code name Project Bora Bora with job cuts of 10% or more in several major businesses, said report, which cited people with knowledge of the process. One stock analyst told CNBC that Fraser “needs to do something big,” and there’s a good change the job cuts will be larger and more painful than employees expected. Citi has said it will likely provide more details about job cuts in January when it reports fourth-quarter results. A Citi spokesperson did not comment on the report but said, “We’ve acknowledged the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but they’re the right steps to align our structure to our strategy and deliver the plan we shared at our 2022 Investor Day.”

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