Citi mulls plan to split Institutional Clients Group in overhaul - Reports
The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said.
Citigroup CEO Jane Fraser is considering a plan to disband the bank's biggest division, the Financial Times reported on Monday. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal.
The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. ICG generated more than 50 per cent of the bank's $19.4 billion revenue in the second quarter.
The new segments 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, is set to leave in the first half of 2024, according to an internal memo seen by Reuters.
Citigroup declined to comment on the report.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
11:15 AM IST