(Reuters) -Citigroup is slicing extra jobs this week after going by an overhaul final yr, a spokesperson for the lender mentioned on Thursday, as part of the sweeping reorganization beneath Chief Govt Officer Jane Fraser to chop prices.
Managing administrators within the wealth and know-how items are leaving the agency and Citi can be axing individuals from a group that compiles knowledge and evaluation on the financial institution’s shoppers, in keeping with a report by Bloomberg, which cited individuals acquainted with the matter.
Dallas-based co-chief info officer Shadman Zafar is a part of the departures. Zafar, a banking veteran, has determined to retire from his position, the Citi spokesperson confirmed.
“Management adjustments, retirements and focused workers adjustments are all regular course when operating a enterprise,” the financial institution mentioned in an announcement. The lender declined any additional remark.
A piece of restructuring was accomplished final yr after Fraser introduced a plan in late 2023 to extend earnings, streamline operations and handle long-standing deficiencies within the financial institution’s knowledge governance and threat administration.
The financial institution nonetheless expects to listing Banamex, its Mexican unit, on Mexico and U.S. inventory exchanges this yr. Nonetheless, market situations and regulatory hurdles would possibly delay the inventory floatation to 2026, Fraser informed analysts.
In December, the financial institution concluded the separation of banking corporations that was wanted for the itemizing.
Citi’s inventory surged 37% in 2024, outperforming the broader banking index and the fairness markets, as traders cheered Fraser’s efforts to remodel the financial institution.
Citigroup beat estimates for fourth-quarter revenue on Wednesday, fueled by energy in buying and selling and dealmaking.
(Reporting by Pritam Biswas in Bengaluru; Modifying by Alan Barona)
