Citi to Slash Five Management Lines in Reorg

Citigroup is moving ahead with one of the largest firm reorganizations in two decades, which includes eliminating five out of 13 management lines, along with 60 committees, Chief Executive Officer Jane Fraser said during the firm’s earnings call. The new structure positions wealth management, led by former Merrill Lynch Wealth Management head Andy Sieg, as one of the five core businesses that reports directly to Fraser. Consolidating all aspects of the wealth business under Sieg would help the firm extract the most opportunities from its client base, Craig Kilgallen, a relationship manager at FUSE Research Network, said.

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Article published on October 16, 2023