Citigroup cuts more jobs to meet expense goals, Bloomberg News reports

(Reuters) -Citigroup is cutting more jobs this week to meet CEO Jane Fraser’s expense goals, Bloomberg News reported on Thursday, citing people familiar with the matter. 

Managing directors in the wealth and technology units are leaving the firm and Citi is also axing people from a team that compiles data and analysis on the bank’s clients, according to the report.

One of the senior exits included Shadman Zafar, the bank’s Dallas-based co-chief information officer, the report added. 

Citigroup (NYSE:) did not immediately respond to a Reuters request for comment. 

A chunk of restructuring was completed last year after Fraser presented a plan in late 2023 to increase earnings, streamline operations and address long-standing deficiencies in the bank’s data governance and risk management.

The bank still expects to list Banamex, its Mexican unit, on Mexico and U.S. stock exchanges this year. However, market conditions and regulatory hurdles might delay the stock floatation to 2026, Fraser told analysts. 

In December, the bank concluded the separation of banking companies that was needed for the listing.

Citi’s stock surged 37% in 2024, outperforming the broader banking index and the equity markets, as investors cheered Fraser’s efforts to transform the bank.

Citigroup beat estimates for fourth-quarter profit on Wednesday, fueled by strength in trading and dealmaking.