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Now Citi's managing directors are being deprived of their executive assistants

It's a new era at Citigroup. Five layers of unnecessary management have been cut, and so too - as of today - have surplus executive assistants.

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Sources at the bank say that managing directors (MDs) who are one and two levels below CEO Jane Fraser will still have their own dedicated executive assistants (EA). 

Others will have to share. 

More than three levels below Jane Fraser, it seems that three MDs will now need to share one executive assistant. It's not precisely clear how things were arranged before, but the ratio seems to have been much more favorable: sources say that up to 50% of Citi EAs could now be cut. 

A spokeswoman for Citi said the bank has examined how its administrative support function is organized in the wake of its removal of management layers. "Fewer management layers mean our support needs have changed, and as a result we will see some talented members of our administrative team exit the organization," she added. 

In an article posted here five years ago, an executive assistant described her privileged access to the life of the managing director she worked for. "I arrange meetings for him and I delete his irrelevant emails. I also get to read things that the rest of you never see and that you never know about," she said. These included compensation and senior management discussions on strategy.

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AUTHORSarah Butcher Global Editor

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