Citi kept most bankers, but the one who left thrives

January 25, 2024
1 min read

TLDR: Despite plans to reduce staff, Citigroup’s investment banking division has seen minimal departures from senior bankers. Instead, many individuals have been moved into new roles within the company as part of restructuring efforts to simplify the management structure. This has led to the creation of new co-head positions and the appointment of new heads for various divisions. The reorganization has raised criticism that Citigroup CEO Jane Fraser has been too lenient on senior bankers and that the company has a lack of gender diversity in senior roles.

According to Financial News, Citigroup has made minimal senior banker redundancies as part of its ongoing restructuring efforts. The bank aims to eliminate 5,000 positions as it simplifies its management structure and reduces management layers. However, instead of cutting staff, Citigroup has mostly shifted individuals into new roles.

Some senior bankers have taken on new responsibilities within the investment banking division. For example, Barry Weir and Robin Rousseau, former co-heads of M&A for EMEA, have been moved into new positions. Weir is now head of M&A for the UK and the Middle East and Africa, while Rousseau is the head of M&A for Europe. David Dubin, the former global head of infrastructure finance, has also been transplanted into the investment banking division as head of EMEA.

Despite CEO Jane Fraser’s disapproval of co-head structures, the reorganization has created several new co-head positions. Paul Abrahimzadeh and Russell Chong have been appointed as co-heads of North America equity capital markets, while Valery Barrier and Suneel Hargunani will serve as heads of UK, Europe, and MEA ECM origination and solutions. Additionally, Ken Chow and Uday Furtado have been appointed as heads of Asia North, Australia, Asia South ECM products and execution.

Citigroup’s restructuring plans have faced criticism for their lack of senior banker redundancies and gender diversity. Some are concerned that the reorganization has not addressed the issue of excessive senior management layers and that CEO Jane Fraser has been too lenient on senior bankers. Furthermore, all of the senior bankers involved in the restructuring are men.

While Citigroup has seen few departures from senior bankers, some individuals have left the company. Simon Francis, former EMEA head of debt financing, retired shortly before bonuses were paid. He stated that early retirement suited him well and that he was enjoying his time in Argentina.

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