Citigroup is to part company with one of the most senior executives in its trading unit, with Conor Davis set to leave the company as part of a wider overhaul of the Wall Street giant’s business operations led by Chief Executive Officer Jane Fraser, according to a report by Bloomberg.
The report cites unnamed sources as confirming that Davis, who oversees sales and relationships with hedge funds and other key institutional clients of Citigroup’s global markets unit, will depart over the coming weeks, as Citigroup looks to simplify its operations.
Fraser has embarked on a wide-ranging cost-cutting programme at Citigroup aimed at boosting returns and raising the lender’s stock price, with some 5,000 jobs expected to be cut by the end of Q1.
As many as 20,000 roles could be axed in total, saving the business as much as $2.5bn.
