Citigroup promotes 344 executives to managing administrators

NEW YORK (Reuters) – Citigroup (NYSE:C) on Thursday introduced the promotion of 344 executives in 29 international locations to managing administrators, often called MD, the financial institution’s greater officer title.

A memo despatched to all workers by the chief administration committee stated this yr had one in all “the biggest MD cohorts in our agency’s historical past.”

The committee additionally stated the managing administrators are instrumental in “guaranteeing we proceed making progress on our Transformation and with our regulators,” referring to compliance with 2020 Federal Reserve and Workplace of the Comptroller of the Forex consent orders.

This yr’s promotions are happening after the sweeping reorganization of Citi’s companies that started final yr to simplify the financial institution and get rid of administration layers. The reorganization goals to scale back round 20,000 positions worldwide by 2026. Within the third quarter, Citi reported having 229,000 workers worldwide.