Managing directors in the wealth and technology units are leaving the firm and Citi is also axing people from a team that compiles data and analysis on the bank’s clients, Bloomberg reported.

Citigroup is cutting more jobs this week after going through an overhaul last year, a spokesperson for the lender said on Thursday, as a part of the sweeping reorganization under Chief Executive Officer Jane Fraser to cut costs.

Citigroup Inc. eliminated more jobs this week, just as executives were announcing new share buybacks and doubling down on Chief Executive Officer Jane Fraser’s commitment to expense reductions.

Wall Street analysts are betting Citigroup will miss a critical long-term target, heaping pressure on chief executive Jane Fraser to prove her sweeping overhaul will succeed in turning around one of America’s biggest banks.

The announcement took Piepszak out of the running in the closely-watched JPMorgan succession race. For a few years, the former firm CFO had served as co-CEO of consumer and commun

Citigroup continues job cuts in wealth business and technology unit, following better-than-expected Q4 results and $20B stock buyback program.

Citigroup 's wealth management unit had a "turning point" in 2024 as wealth head Andy Sieg has focused the unit on investments and improving the client experience, according to Chief Executive Officer Jane Fraser.

Citigroup cut its closely watched profitability target in 2026 as it tackles rising regulatory expenses and, at the same time, announced a $20 billion share buyback program.

Citigroup armed 30,000 developers with generative AI coding tools as part of an ongoing modernization push, CEO Jane Fraser said, speaking during the bank’s Q4 2024 earnings call Wednesday.

UPDATE: This article includes comments made during Citi's earnings call. Citigroup CEO Jane Fraser made her feelings about expenses crystal clear on Wednesday: The megabank, which has been spending money to simplify its business model and overhaul its risk ...

The megabank reported achievements in several areas, but lowered its 2026 expectations for a profitability metric that investors have been closely watching.

Citigroup reported fourth-quarter results that exceeded expectations, sending shares higher in pre-market trading Wednesday.