(Reuters) -Citigroup is cutting more jobs this week after going through an overhaul last year, a spokesperson for the lender said on Thursday, as a part of the sweeping reorganization under Chief Executive Officer Jane Fraser to cut costs.
Managing directors in the wealth and technology units are leaving the firm and Citi is also axing people from a team that compiles data and analysis on the bank’s clients, according to a report by Bloomberg, which cited people familiar with the matter.
Dallas-based co-chief information officer Shadman Zafar is part of the departures. Zafar, a banking veteran, has decided to retire from his role, the Citi spokesperson confirmed.
“Leadership changes, retirements and targeted staff changes are all normal course when running a business,” the bank said in a statement. The lender declined any further comment.
A chunk of restructuring was completed last year after Fraser presented a plan in late 2023 to increase 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 U.S. stock exchanges this year. However, market conditions and regulatory hurdles might delay the stock floatation to 2026, Fraser told analysts.
In December, the bank concluded the separation of banking companies that was needed for the listing.
Citi’s stock surged 37% in 2024, outperforming the broader banking index and the equity markets, as investors cheered Fraser’s efforts to transform the bank.
Citigroup beat estimates for fourth-quarter profit on Wednesday, fueled by strength in trading and dealmaking.
(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)
