Citi is reportedly considering a plan to split up its institutional clients group into three different business segments.
Citigroup chief executive Jane Fraser is considering a plan to split up the institutional clients group (ICG) – the bank’s largest division – into three different segments, according to a «Financial Times» report citing unnamed sources.
The three segments include investment and corporate banking, global markets and transaction services. If the plan is adopted, the newly separated units would be run by their current heads and report directly to Fraser.
Earlier this month, Citi announced that 36-year veteran and ICG head Paco Ybarra would leave the bank by the middle of next year with no replacement yet to be named. According to the report, the bank is not actively looking for a successor.
