Citi mulls plan to split Institutional Clients Group in overhaul- FT By Reuters

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<span>© 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</span><br />
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<p>(Reuters) -Citigroup CEO Jane Fraser is considering a plan to disband the bank’s biggest division, the Financial Times reported on Monday.</p>
<p>The plan envisages splitting the bank’s Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal.</p>
<p>The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. ICG generated more than 50% of the bank’s $19.4 billion revenue in the second quarter. </p>
<p>The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. </p>
<p>This move comes as Paco Ybarra, the CEO of the division, is set to leave in the first half of 2024, according to an internal memo seen by Reuters. </p>
<p><span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Citigroup </span></span> (NYSE:) declined to comment on the report.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/citi-considers-plan-to-disband-its-biggest-division-in-overhaul-ft-3157795">Source link </a></p><p>The post <a href="https://forextraderhub.com/citi-mulls-plan-to-split-institutional-clients-group-in-overhaul-ft-by-reuters.html">Citi mulls plan to split Institutional Clients Group in overhaul- FT By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>