(Reuters) -Citigroup is cutting more jobs this week to meet Chief Executive Jane Fraser’s spending targets, Bloomberg News reported on Thursday, citing people familiar with the matter.
CEOs of the wealth and technology units are leaving the company, and Citi is also laying off staff from a team that collects data and analytics on the bank’s clients, according to the report.
One of the high-level departures included Shadman Zafar, co-chief information officer of the Dallas-based bank, the report added.
citi group (NYSE:) did not immediately respond to a Reuters request for comment.
Part of the restructuring was completed last year after Fraser unveiled a plan by the end of 2023 to boost profits, streamline operations and address long-standing deficiencies in the bank’s data governance and risk management.
The bank still hopes to list Banamex, its Mexican unit, on the Mexican and U.S. stock exchanges this year. However, market conditions and regulatory hurdles could delay the IPO until 2026, Fraser told analysts.
In December, the bank completed the separation of banking companies necessary for the IPO.
Citi shares are up 37% in 2024, outperforming the broader banking index and stock markets, as investors applauded Fraser’s efforts to transform the bank.
Citigroup beat fourth-quarter earnings estimates on Wednesday, driven by strength in trading and deals.