(Reuters) – Citigroup is cutting more jobs this week after undergoing an overhaul last year, a spokeswoman for the lender said on Thursday, as part of a broader restructuring under Chief Executive Officer Jane Fraser to cut costs.
Managing directors in the wealth and technology units are leaving the firm and Citibank is also firing people from a team that compiles customer data and analytics, according to a Bloomberg report, according to people familiar with the matter. Reference is made.
Dallas-based co-chief information officer Shadman Zafar is part of the departure. A City spokesperson confirmed that Zafar, a banking veteran, has decided to retire from his role.
“Leadership changes, retirements and targeted staff changes are all normal courses of action when running a business,” the bank said in a statement. The lender declined to comment further.
Part of the restructuring was completed last year when Fraser unveiled a plan in late 2023 to boost earnings, streamline operations and address long-standing deficiencies in the bank’s data governance and risk management.
The bank still expects to list Banamex, its Mexican unit, on Mexico and US stock exchanges this year. However, market conditions and regulatory hurdles could delay a stock flotation until 2026, Fraser told analysts.
In December, the bank concluded the demerger of banking companies that was required for listing.
Citi’s stock rose 37% in 2024, outperforming broader banking indexes and equity markets, as investors applauded Fraser’s efforts to turn the bank around.
Citigroup beat estimates for fourth-quarter profit on Wednesday, citing strength in trading and dealmaking.
(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Brona)
