Citi's Big Promotions: What's Changing and Why?

Citi has just announced a fresh batch of 276 managing directors. This is the smallest group since 2020, showing a shift in the bank's approach. The new leaders come from different parts of the bank, like markets, banking, wealth, and services. The bank is focusing more on growth in these areas after making big changes in recent years. The bank's CEO, Jane Fraser, and other top leaders sent a memo to the new MDs. They praised the new leaders for their hard work and role in making Citi a more advanced bank. The memo highlighted the bank's push to become more tech-savvy and efficient. Citi's spokesperson said the number of promotions changes every year. This depends on the bank's needs, like keeping the right skills and leaders, and dealing with people leaving or joining the bank. The new MDs are from 21 countries and speak many languages. Most have worked for Citi for about 16 years and have around 20 years of experience in finance. Nearly half of them are based in North America, with others in the UK, Japan, and Australia. These promotions come as Citi works on simplifying its structure and improving its tech. The bank has made progress in areas like investment banking and markets. Citi has also brought in new leaders to help turn things around.