Citi Elevates 276 New Managing Directors in Urgent Shake-Up
UPDATE: Citi has just announced the promotion of 276 new managing directors, marking a significant shift in its leadership structure. This announcement was made on Wednesday, October 25, 2023, as the bank prepares for its next chapter under CEO Jane Fraser.
This year’s MD class is approximately 20% smaller than the previous year’s cohort of 344, highlighting a more selective approach to leadership advancement. Notably, this is the smallest promotion class since 2020, which had 241 promotions.
The newly promoted leaders span various sectors within the bank: 55 in markets, 45 in banking, 40 in wealth management, and 33 in services. These promotions come as Citi continues to ramp up efforts towards becoming an AI-enabled bank and enhancing its operational capabilities.
Citi’s executive team shared in a memo, “Their promotions arrive after a year that asked a lot from all of us as we raised our performance and pushed ahead on the work that will define Citi’s next chapter.” They emphasized the critical roles these new MDs played in navigating a fast-paced environment and implementing strategic changes.
The bank’s strategy has included a comprehensive restructuring aimed at simplifying its operations and improving risk management. This overhaul has attracted top talent, such as former JPMorgan executive Viswas Raghavan, who is now driving investment banking initiatives.
The 2025 managing directors represent 21 countries and 32 nationalities. Notably, around two-thirds are multilingual, and 30% have worked in multiple countries for Citi. The median tenure at the bank for these new leaders is 16 years, with an average of 20 years across the financial services sector.
Geographically, 49% of the new MDs are based in North America, with 18% in the UK and nearly 10% in Japan and Australia. The remaining members are distributed across various other regions.
In a notable tradition, Citi marked the announcement with “roll call” events across its divisions, where executives read the names of the newly promoted leaders. This practice aims to foster a sense of community and recognition within the organization.
As Citi moves forward, the focus will remain on leveraging its newly promoted leaders to drive growth in banking, wealth management, and services, all pivotal areas in the bank’s ambitious roadmap for the future.
Stay tuned for more updates as Citi continues to reshape its leadership landscape and implement strategic initiatives that will define its operational success in the coming years.
