Citigroup’s strategic move: 40 new Managing Directors appointed globally in the markets division.

• Citigroup recently announced the appointment of 40 new managing directors within its Markets division.
• The promotions were revealed internally on 8th December, as Citi underwent a significant business overhaul led by CEO Jane Fraser.

48 New Managing Directors

Citigroup has announced the appointment of 40 dealmakers as new managing directors in the bank’s markets division.

On 8^th December, the Wall Street bank shared the details of the new managing directors within its banking unit with staff, as reported by Financial News.

Insiders at Citi reveal that the list, curated by the highly respected Andrew Morton, reflects his sound judgment and appears to be entirely merit-based.

The bank is currently undergoing a business overhaul. Moreover, an additional four individuals received promotions within its international business.

Also read: Barclays appoints 81 New Managing Directors in the Corporate and Investment Bank, effective from 2024.

Promoted MDs at Citi

Citigroup’s Markets division boasts a sprawling network, operating in over 90 countries.  Their core functions include trading, investment banking, securities & transaction services.

Their activities influence everything from interest rates and currency values to corporate investment decisions and government borrowing. They’re a key player in the global financial ecosystem, shaping economic trends and impacting the lives of millions.

Here are the names of the new MDs…

16 MDs from the UK

• Nick Van Aardt
• Jon Abadou
• Erhan Akyol
• Matthieu Brunet
• Richard Bull-Kumar
• Aliona Chakhvadze
• Valentina Cicerone
• Dario Diguini
• Aaron Gregory
• Mark Gresty
• John Gruzelier
• David Guillet
• James Harrison
• Fraser Kerr
• Freddie Lever
• Alexandre Berdah

17 MDs from the US

• Mahesh Aiyer
• Kamila Almeida
• Kate Brehauer
• Betty Chen
• Simon Davey
• Will Dench
• Matthew Fink
• Thomas Fouret
• Daniel Gottlander
• Kira Granovskaya
• Matthew Grosshans
• Carolyn Hiller
• Dennis Jang
• Shikher Bisaria
• Svetlana Kheyman
• Dmitri Krasnov
• Jay Bartlett

Singapore

Nick Carlsen

Italy

Giorgio Carone

Taiwan

Jessica Hsueh

Nigeria

Femi Adaramola

From other regions

Johan Ekstrom

Derek Guo

Olek Lakomski

(Some LinkedIn links may not be accurate.)

Closing

This move aligns with the ongoing trend among major investment banks, continuing their annual promotions.

In November, Citigroup announced the latest stage of its major restructuring effort called Project Bora Bora. As part of CEO Jane Fraser’s overhaul plans, the company is streamlining leadership and reassigning executives within divisions.

Citigroup expects the comprehensive reorganization to be fully implemented by the end of the first quarter of 2024.

The changes involve reducing management layers and potentially laying off thousands of workers. So far, Citigroup has already started layoffs impacting over 300 senior managers.

(Part of the information is acquired from efinancial careers.)