In the third quarter of 2024, JTC announced an agreement to acquire Citigroup's global fiduciary and trust administration services business, Citi Trust.Our View on Citigroup's Overhaul EffortsAs part of its organizational restructuring approach, C continues to improve its business structure and concentrate on key areas, as demonstrated by its progress in strategic initiatives. The company's efforts to transform its business aim to improve operating efficiency.Citigroup's plan to cut promotions and limit pay increases reflects a focus on achieving cost efficiency. This coincides with the company's overhaul plan, which aims to simplify and eliminate unnecessary management layers to enhance efficiency and accountability.These efforts have so far been marked by some wins. In the third quarter of 2024, the company's operating expenses declined 1% year over year.