Citigroup will use the additional jobs as part of its ongoing cost-cutting plan

(Reuters) – Citigroup is cutting more jobs this week after restructuring last year, a spokeswoman for the lender said on Thursday, as part of a comprehensive reorganization under Chief Executive Officer Jane Fraser to cut costs.

The managing directors of the wealth and technology division are leaving the firm, and CTM is cutting people from a team that compiles data and analysis on the bank’s clients, Bloomberg reported, citing people familiar with the matter.

Dallas-based chief information officer Shadman Zafar is part of the trip. A Citi spokesperson confirmed that Zafar, a banking veteran, has decided to resign.

“Leadership changes, retirements and targeted staffing changes are all normal processes in doing business,” the bank said in a statement. The lender declined to comment further.

Some restructuring was completed last year after Fraser presented a plan by the end of 2023 to boost revenue, streamline operations and address the bank’s data management and risk management deficiencies.

The bank will still list Banamex, its Mexican unit, on Mexican and US stock exchanges this year. However, market conditions and regulatory hurdles could delay the stock float to 2026, Fraser told analysts.

In December, the bank completed the separation of banking companies required for the list.

Citi stock in 2010 It rose 37 percent in 2024, outperforming the broader banking index and the equity market, as investors cheered Fraser’s efforts to turn the bank around.

Citigroup beat estimates for fourth-quarter profit on Wednesday, boosted by trading and deal strength.

(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)