Financial behemoth Citigroup (NYSE:C) is gearing up for one of its largest reorganization drives in years, according to Reuters. Decision-makers at the company are currently in the process of determining who will stay and who will receive pink slips by November. Additionally, employees whose positions will be eliminated may have the opportunity to seek other positions within the company.
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Citigroup has been undergoing a transformation for a while now. Its CEO, Jane Fraser, is working to simplify its structure and shift focus away from non-core markets. The company is also initiating consultations in the UK to streamline its operations.
Separately, Citigroup is slated to announce its third-quarter numbers on October 13. Analysts expect the company to generate an EPS of $1.25 on revenue of $19.23 billion for the quarter. In the year-ago period, it had posted an EPS of $1.63, comfortably outpacing estimates by $1.41.
What is the Future of C Stock?
Shares of the company have dropped by nearly 13.6% over the past six months. In comparison, peers JP Morgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) have fared better during this period. Overall, the Street has a consensus price target of $51.36 for Citigroup, along with a Moderate Buy consensus rating. This implies a 29% potential upside in the stock.
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