However, developing and running this type of AI is costly, and Google has been exploring ways to offset these expenses. In July, Alphabet's President and Chief Investment Officer, Ruth Porat, stated that the company focused on "re-engineering our cost base to create capacity for investments" to ensure that money was spent on initiatives with the highest returns. Citigroup Announces Comprehensive Reorganization and Job Cuts Following Google, Citigroup, too, has announced it is set to undergo a significant reorganization that will grant CEO Jane Fraser more direct control as she aims to simplify the Wall Street giant and boost its stock value; this reorganization includes the elimination of a management layer and is expected to result in job cuts.