Citigroup, Inc.’s C trading unit is reportedly seeing the departure of Conor Davis, one of its most senior sales executives, amid CEO Jane Fraser’s extensive restructuring efforts.
Davis, responsible for managing sales and relationships with hedge funds and other important institutional clients at Citigroup’s global markets unit, will leave in the coming weeks, Bloomberg reported, citing people familiar with the matter.
His departure is a component of the bank’s endeavors to streamline its operations, the report read.
Fraser is leading a restructuring at Citigroup to reduce costs, enhance returns, and improve its stock performance.
The firm plans to cut 5,000 jobs by the end of first quarter and aims for a total reduction of 20,000 roles, potentially saving $2.5 billion in expenses.
A Citigroup representative confirmed Davis’ departure but refrained from providing additional comments, Bloomberg added.
Davis currently holds the position of global head of sales and solutions for financial institutions, focusing on hedge funds and other finance firms, excluding corporate clients, the report read.
In 2021, he was promoted to head of investor sales and relationship management as part of Citigroup’s efforts to streamline operations, it added.
Price Action: C shares are trading higher by 0.25% to $56.04 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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