Fraser and Chief Financial Officer Mark Mason will discuss the changes with investors at a conference in New York at 10:30 a.m. on Wednesday. Fraser will hold a town hall next week In the statement, Fraser said the changes "eliminate unnecessary complexity across the bank," and that will contribute to delivering medium-term targets on the bank's restructuring announced to investors. The sweeping reorganization is another step in Fraser's strategy to improve profitability and simplify the bank announced early last year. Although Citi has concluded steps including divestitures, the stock price has failed to react. Citigroup shares are still valued at less than half book value, whereas competitors hover around 1. By Tatiana Bautzer and Lananh Nguyen Editing by Nick Zieminski and Jonathan Oatis September 13, 2023