(Reuters) – Citigroup chief executive Jane Fraser is considering breaking up the bank’s main division, the Financial Times (FT) reported on Monday.
The plan plans to split the institutional client division into three business segments: an investment and merchant banking hub, another dedicated to global markets and another to transaction services, according to the FT, which cites sources. close to the file.
The Institutional Clients division, which provides financial services to institutional investors and governments, is one of Citigroup’s largest businesses. It generated more than 50% of the bank’s revenue in the second quarter.
The new poles created will be led by their current directors, who are placed under the direct responsibility of Jane Fraser, adds the FT.
The change comes as Paco Ybarra, who heads the institutional clients division, is due to leave the bank in the first half of 2024, according to an internal document seen by Reuters.
Citigroup declined to comment.
(Report Lavanya Ahire in Bangalore, Blandine Hénault for the , edited by Bertrand Boucey)
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