Citi shakeup: The banking giant is planning layoffs and a huge overhaul

• Citigroup is planning a sweeping overhaul of its organization after years of lackluster stock performance.
• The reorganization efforts are expected to involve layoffs.
• Citi stock climbed 2% shortly after the overhaul was announced.

Citigroup is planning a huge overhaul of its business that will involve layoffs, representing one of the biggest organizational shakeups that the bank has seen in about two decades.