Based on staff letters reviewed by Reuters and persons familiar with the matter, CEO Jane Fraser of Citigroup (C.N) and her top management team launched the next phase of a broad reorganization on Monday.
According to a person with knowledge of the incident who wished to remain anonymous when speaking about personnel problems, members of the executive management team wrote emails to subordinates detailing changes. According to a second source, leaders also spoke on conference calls about the modifications.
“The actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy,” Fraser stated in an additional statement.
A few positions in the U.S. personal banking sector were combined, and Brad Wayman was named the new chief operating officer. Chris McCullough was named by the bank to take Wayman’s place as head of small business and mortgage financing. The division’s chief of execution was named Patrick Gallagher. Dena Roten and Ryan Crowley, two division executives, will be leaving their positions.
People with knowledge of the matter claim that Citi plans to appoint Nacho Gutiérrez-Orrantia, one of its most seasoned bankers in Europe, as the next head of banking in the area.
On the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, one can see the Citibank logo.
August 3, 2021, view of the Citibank logo on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S.
