Citigroup CEO announces reorganization, jobs cuts likely

Citigroup (C) shares rose after CEO Jane Fraser announced a new reorganization plan. The company, which currently operates with two divisions, will undergo a transformation into five separate divisions, all directly reporting to the CEO. Fraser says the reorganization will streamline the business and "increase accountability." Yahoo Finance's Senior Reporter David Hollerith discusses the details of this reorganization and the possibility of job cuts amidst the changes.