CNBC reported that Citigroup will eliminate its distressed debt unit. CNBC noted that the closure of the unit is the latest move in the planned “overhaul of the bank” being led by Jane Fraser, the bank’s CEO.
Citi unveiled changes to its organization model, introducing a new, flatter structure that elevates the leaders of five businesses and eliminates management layers with the goal of accelerating decision making, increasing accountability and strengthening client focus.
Michael Corbat, CEO of Citi, will retire and step down from the company’s board of directors in February of 2021. Jane Fraser, currently Citi’s president and CEO of global consumer banking, will succeed Corbat as CEO and on the board of directors.
The Wall Street Journal reported Citigroup has tapped its Latin America chief, Jane Fraser, to serve as the bank’s No. 2 executive, putting her atop the list to succeed Chief Executive Michael Corbat.