Citigroup is reportedly considering a plan to break up its biggest division in the coming year.
According to the Financial Times, chief executive Jane Fraser is looking to split up the bank’s Institutional Clients Group (ICG) into three separate units representing investment and corporate banking, global markets and transaction services.
Citi’s business is currently split between the Global Consumer Banking which contains Citi’s retail bank and credit cards, and the ICG. Citi previouisly announced plans to separate wealth management from the consumer bank under Andy Sieg, who will join in October from Bank of America.
The FT report – along with a separate report from Reuters – reports that the separated units are set to be run by their current heads who would report directly to Fraser. The revamp would be the most significant corporate structure makeover at Citi in nearly 15 years, and the biggest change in reporting lines since Fraser's ascension to chief executive officer in 2021.
The planned shakeup comes several weeks after ICG boss Paco Ybarra announced his plans to leave Citigroup after 36 years. He will depart by the middle of 2024, with the FT claiming that no replacement is being sought by the bank.
The restructure would leave Citi with three commercial business units and two consumer units all reporting directly into Fraser.
When appointed in 2021, one of the key issues facing Fraser was pressure from US regulators to overhaul Citi's risk management systems.
Latest News
-
UK regulators launch inquiry into Big Tech digital wallets
-
Citi taps Barclays for new commercial head
-
Santander launches digital sign language service
-
Anne Boden steps down from Starling board to 'develop AI business'
-
NatWest payments arm partners with JD Wetherspoon
-
Government stake in NatWest drops below 20 per cent
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories