In a recent statement, Citigroup CEO Jane Fraser noted that radical changes are coming in order to simplify the bank.
The executive spoke of a “major management reorganization that will allow her to more directly supervise her businesses, in an attempt to simplify the bank.”
According to Fraser, from now on, the directors of the bank’s five businesses become directly dependent on her orders. “Among them, Shahmir Khaliq, who heads services, Andrew Morton in markets, Peter Babej for investment and corporate banking, Gonzalo Luchetti in consumer banking in the United States, and Andy Sieg in wealth, when he joins the company at the end of this month”.
With the adjustments that will be applied in Citigroup it will be possible to comply with all its obligations to shareholders. Among the transformations is the division of the Institutional Clients Group, in addition to the elimination of the leadership of that business.
“The new model will eliminate some international leadership functions, as well as its personal banking and wealth management divisions,” Fraser stressed.
It is speculated that there will also be plans to cut staff to adjust to the radical changes in search of the aforementioned simplification of the bank.
(Reference image source: Declan Sun, Unsplash)