Citigroup Promotes 344 Executives to Managing Directors

NEW YORK (Reuters) – Citigroup (NYSE:C) announced on Thursday the promotion of 344 executives across 29 countries to the rank of Managing Director (MD), the bank's higher officer title.

A memo from the executive management committee highlighted that this year has one of "the largest MD cohorts in our firm's history."

The committee emphasized that the newly promoted Managing Directors play a crucial role in "ensuring we continue making progress on our Transformation and with our regulators," referencing compliance with 2020 consent orders from the Federal Reserve and the Office of the Comptroller of the Currency.

These promotions follow a significant reorganization of Citi's operations that began last year, aimed at simplifying the bank and reducing management layers. This initiative is expected to lead to a reduction of approximately 20,000 positions globally by 2026. As of the third quarter, Citi reported having 229,000 employees worldwide.