Citi considers plan to disband its biggest division in overhaul- FT By Reuters
© Reuters. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo
(Reuters) – Citigroup (NYSE:) chief executive Jane Fraser is considering a plan to disband the bank’s biggest division, the Financial Times reported on Monday.
The plan would split the Institutional Clients Group — which generated nearly three-quarters of Citi’s $14.8 billion in net 2022 profits — into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said.