Citi's Big Promotions: What's Changing and Why?

Citi has just announced a fresh batch of 276 managing directors, marking the smallest group since 2020. This reflects a shift in the bank's approach, focusing on growth in key areas like markets, banking, wealth, and services.

A Memo from Leadership

The bank's CEO, Jane Fraser, and other top leaders sent a memo to the new MDs, praising their hard work and role in advancing Citi. The memo emphasized the bank's push to become more tech-savvy and efficient.

A Strategic Shift

Citi's spokesperson noted that the number of promotions varies yearly, depending on the bank's needs, including retention, leadership changes, and market conditions.

Diverse and Experienced Leaders

The new MDs come from 21 countries and speak multiple languages. Most have worked for Citi for about 16 years and have around 20 years of finance experience. Nearly half are based in North America, with others in the UK, Japan, and Australia.

A Time of Transformation

These promotions come as Citi works on simplifying its structure and improving technology. The bank has made progress in investment banking and markets and has brought in new leaders to drive change.