Citi Names 306 Managing Directors in Larger, More Diverse Class
(Bloomberg) -- Citigroup Inc. said it named one of its largest and most diverse classes of managing directors in recent years, with 306 employees nabbing the title.
Globally, women make up almost 35% of the total, Citigroup said in a memo to staff Monday that announced the promotions to managing director, the highest officer level at the bank. More than a third in the U.S. are Black, Hispanic or Latino, or Asian, according to the memo.
“As much as the promotion to managing director is a recognition of performance and potential, it is even more about driving progress,” members of the bank’s executive-management team, led by Chief Executive Officer Jane Fraser, said in the memo. “Our leaders set the tone and provide the spirit and energy all of us need to deliver excellence.”
Citigroup has been overhauling some of its underlying systems and investing in new technology under Fraser, who was installed in the CEO role in March. The firm has also been simplifying its strategy, with plans to deepen its push into wealth management and exit retail-banking operations across 13 markets in Asia and Europe.
“As we continue to execute on our transformation, our leaders will be more important than ever,” Citigroup said in the memo. “We must be simpler and more agile to deliver the best of Citi to our clients. Similarly, we need a best-in-class risk and control environment in order to compete and win in the disruptive decade ahead.”
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