Citigroup is cutting more businesses to meet cost-related targets, Bloomberg News Reuters reports
(Reuters) – Citigroup is cutting more jobs this week to meet Chief Executive Jane Fraser’s cost targets, Bloomberg News reported on Thursday, citing people familiar with the matter.
CEOs in the wealth and technology divisions are leaving the company, and Citi is also laying off people from a team that collects data and analytics about the bank’s customers, according to the report.
One of the more senior departures included Shadman Zafar, the bank’s Dallas-based chief information officer, the report added.
Citigroup (NYSE: ) did not immediately respond to a Reuters request for comment.
Part of the restructuring was completed last year after Fraser unveiled a plan in late 2023 to boost earnings, streamline operations and address long-standing weaknesses in the bank’s data and risk management.
The bank still expects to list Banamex, its Mexican unit, on the Mexican and US stock exchanges this year. However, market conditions and regulatory hurdles could delay the share sale until 2026, Fraser told analysts.
In December, the bank concluded the separation of banking companies necessary for listing.
Citi shares rose 37% in 2024, outperforming the broader banking index and share markets, as investors applauded Fraser’s efforts to transform the bank.
Citigroup beat estimates for fourth-quarter profit on Wednesday, driven by strength in trading and dealmaking.
