(Reuters) – Citigroup will make more job cuts this week to meet Chief Executive Officer Jane Fraser's expense goals, Bloomberg News reported on Thursday, citing people familiar with the matter.
The managing directors of wealth and technology will step down, and Citi will also lay off members of the team that compiles data and analytics about the bank's clients, the report said.
Among the senior departures was Shadman Zafar, the bank's Dallas-based co-chief information officer, the report added.
citygroup (NYSE:) did not respond to a Reuters request for comment.
The bulk of the restructuring was completed last year after Fraser Bank laid out a plan for the second half of 2023 to increase revenue, streamline operations and address long-standing deficiencies in the bank's data governance and risk management.
The bank still expects its Mexican unit, Banamex, to list on Mexican and U.S. stock exchanges this year. However, market conditions and regulatory hurdles could delay the stock's move until 2026, Fraser told analysts.
In December, the bank concluded the separation of its banking company, which is necessary for listing.
Citi's share price rose 37% in 2024, outperforming broader banking indexes and the stock market as investors cheered Fraser's efforts to transform the bank.
Citigroup on Wednesday reported better-than-expected fourth-quarter profit on the back of strong trading and transactions.
