Citi eyes shake up to give Brit-born boss more influence
Citigroup boss Jane Fraser is reportedly contemplating a major corporate shake up, potentially dissolving the bank’s largest division, the Institutional Clients Group (ICG).
Under this plan, according to the Financial Times, the ICG would be divided into its core segments: investment and corporate banking, global markets, and transaction services.
In what would mark the most significant overhaul in about 15 years, these three new units would be overseen by their current leaders, reporting directly to Fraser.
If implemented, this restructuring would lead to five divisions under Fraser’s direct command, aligning with her aim to “simplify” the organisational structure of the group.
One source close to the matter said the move would give Fraser more control and the unit leaders greater influence.
While the proposal is under consideration, Citi is apparently yet to make a final decision.
The discussions follow the recent announcement of Paco Ybarra’s departure, who heads up ICG, and is set to step down after 36 years at the bank.
Citi declined to comment.