Citigroup It is considering plans to reorganize the largest division of the bank After its leader Paco Ybarra left the organization next yearin a move to further streamline the company, according to a source familiar with the situation.
The source said on Monday that the bank is unlikely to replace Ybarra, director of the Institutional Clients Group (ICG). Instead, the leaders of the three business segments (Investment Banking, Global Markets and Transaction Services) He will report directly to CEO Jane Fraser.
plans toThey are still being studied It did not come true, according to the source.
According to Reuters, the financial times I have previously reported on these discussions.
The ICG unit provides financial services to institutional investors and governments. It generated more than half of Citi’s $19.4 billion in revenue In the second chapter.
“The possibility of reorganization introduces some uncertainty into what is already there complex changeR. Scott Siefers, an analyst at Piper Sandler, wrote in a note.
change in The direct reporting line to the CEO” would maintain strategic continuityIt would simplify the levels and presumably eliminate the possibility of a new boss wanting to circumvent the unit’s direction.”
According to an internal memo seen by Reuters this month, Yabra will step down in the first half of 2024. The company also said that It was determining how to deliver its responsibilities while streamlining its organizational structure in the coming months.
Citigroup declined to comment on the report for a while YesUS stocks fell 0.6 percent Along with a broader drop in the S&P Bank Index, which fell 0.5 percent in Monday’s trading.
Who is Paco Ybara?
According to the Citigroup website, Paco Ybarra He is the CEO of Citi’s Institutional Clients Groupwhich includes banking, markets and services.
Moreover, it is Member of the executive management teamChairman of the Risk Management Committee of the Institutional Clients Group and Member of the Board of Directors of Grupo Financiero Citibanamex.
Before taking up his current position in May 2019, He was the Global Director of Securities Markets and Services. He joined the Bank in 1987 in Spain as Associate Director.
During his career he held positions in Spain, Mexico, Singapore, New York and London.
By November 2006, he became Co-President of Global Fixed Income W.L.L 2011 Appointed Global Director of Markets.
In November 2013, his responsibilities were expanded to include the securities services business. He was appointed Deputy Director of the Institutional Clients Group in October 2018.
Ybarra holds a Bachelor’s degree in Economics from the University of Valencia in Spain and an MBA from IESE in Barcelona. He is a member of the Board of Directors of EMPower UKA non-profit organization that supports at-risk youth in emerging markets. He is also a member of the IESE Alumni Council.
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