A prominent Citigroup executive is leaving as the bank reorganizes an elite arm of its wealth management business, the latest shift in a series of significant structural and leadership changes at Citi in recent years.

Ida Liu, an 18-year veteran of the bank, did not detail her future. Citi eliminated her post and will instead have four regional private-banking chiefs.

Leaders in Citi's technology unit and its "crown jewel" services unit announced a raft of changes as key leaders step down.

Managing directors in the wealth and technology units are leaving the firm and Citi is also axing people from a team that compiles data and analysis on the bank’s clients, Bloomberg reported.

Ida Liu, the global head of Citi's private banking arm, announces her departure amid the bank's focus on expanding its wealth division.

Citigroup Inc. eliminated more jobs this week, just as executives were announcing new share buybacks and doubling down on Chief Executive Officer Jane Fraser’s commitment to expense reductions.

Jane Fraser, CEO of Citigroup, told analysts she's not going to sacrifice growth-related investments for short-term gains. "You shouldn't want me to do that," she said.

The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.

Among those innovations is Citi Payments Express, the bank’s “simplified banking platform.” The bank converted 4 million retail bank customers to the platform in 18 countries. The bank spent $11.8 billion on technology in 2024, with a focus on digital innovation, new product development, client experience and cybersecurity.

CEO Jane Fraser said, speaking during the bank’s Q4 2024 earnings call Wednesday. The bank spent $11.8 billion on technology in 2024, investing in digital innovation, product development, client experience and cybersecurity, CFO Mark Mason said. Citi ...

Citigroup reported fourth-quarter results that exceeded expectations, sending shares higher in pre-market trading Wednesday.

Citigroup continues job cuts in wealth business and technology unit, following better-than-expected Q4 results and $20B stock buyback program.