Citi considers plan to split Institutional Clients Group in overhaul- FT

(Reuters) -Citigroup CEO Jane Fraser is considering a plan to disband the bank’s biggest division, the Financial Times reported on Monday.

The plan would split the Institutional Clients Group into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said.

The new units will be run by their current heads, who would report directly to Fraser, the newspaper said.

This move comes as Paco Ybarra, the CEO of the division, gets set to leave in the first half of 2024, according to an internal memo seen by Reuters.

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