Citigroup CEO Jane Fraser is reorganizing the business

Citigroup CEO Jane Fraser announced a corporate restructuring on Wednesday, saying the move would cut management layers and speed up decision-making.

Fraser, who is approaching her third full year at the helm of Citigroup, said in a news release that the company’s five core business units will report directly to her.

The changes will include job cuts, but the company has not yet settled on an exact number, according to people familiar with the matter.

This is breaking news. Please check back for updates.