Citigroup announced a large-scale restructuring – Kommersant

Today, September 13, the American financial corporation Citigroup announced about restructuring plans. Before this, the corporation had two large divisions: the first worked with institutional clients, the second specialized in retail banking and wealth management. Now there will be five divisions: work with corporate and institutional clients, retail banking, private capital management, transaction processing services, and market operations. The Financial Times has already called this the largest restructuring in the history of Citigroup over the past 15 years.

CEO Jane Fraser said Citi’s restructuring will eliminate many of its intermediate layers of management. All heads of the five divisions will report directly to the CEO. Another change is the simplification of Citi’s international divisions: they will now all report to the director of international business. Citi said in a statement that these significant changes to the organizational model “will align the structure fully with the business strategy and simplify the bank.” Ms Fraser said the restructuring would likely lead to significant job cuts, without going into detail.

Previously already appeared information about Citi’s plans to restructure. Experts and investors have been anticipating a change and simplification of the structure since Ms Fraser’s appointment as CEO in 2021.

Yana Rozhdestvenskaya