Citigroup Sells Citi Wealth Trust & Fiduciary Services Business with $70 Billion AUA & 2,000 UHNW Clients to Professional Services Provider JTC, Citi Trust Operates in 7 Trust Jurisdictions in New York, Delaware, South Dakota, Jersey, Singapore, Switzerland & the Bahamas
18th September 2024 | Hong Kong
Citigroup has sold Citi Wealth trust administration & fiduciary services business with $70 billion AUA & more than 2,000 UHNW client relationships to professional service provider JTC. Citi Trust operates in 7 trust jurisdictions, New York, Delaware, South Dakota, Jersey, Singapore, Switzerland & the Bahamas. JTC (16/9/24): “Global professional services provider, JTC, is delighted to announce the proposed acquisition of Citi Trust, the global fiduciary and trust administration services business, from Citigroup. The acquisition is highly complementary to JTC’s existing footprint, it bolsters several of JTC’s key growth jurisdictions, and it will cement JTC’s position as the leading independent provider of global trust services. Citi Trust provides a full suite of tailored trust solutions, operating from seven high quality trust jurisdictions (New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas). The total AUA serviced by Citi Trust is in excess of $70 billion across over 2,000 UHNW client relationships, with an average tenure of 12+ years. The acquisition brings with it an experienced senior management team with over 150 years of collective trust experience, supported by a skilled global employee base.” In 2024 August, Citigroup announced plan to sell Citi Wealth trust administration & fiduciary services business. In 2024 March, Citigroup CEO Jane Fraser announced entering into the final phase of job cuts & restructuring to reduce Citigroup global workforce by 20,000 from 239,000 over 2 years (2023 to 2025), with Citi already cut 5,000 jobs, 1,500 managers, and reduced management from 13 layers to 8 layers since 2023 September. In 2023 November, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
“ Citigroup Sells Citi Wealth Trust & Fiduciary Services Business with $70 Billion AUA & 2,000 UHNW Clients to Professional Services Provider JTC, Citi Trust Operates in 7 Trust Jurisdictions in New York, Delaware, South Dakota, Jersey, Singapore, Switzerland & the Bahamas “
Nigel Le Quesne, CEO of JTC PLC: “Citi Trust is one of the most established and well-respected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients. The acquisition is extremely complementary to JTC’s existing footprint. It is a transformational transaction for the Group and our Private Client Services division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity driven revenue to the Group. We look forward to welcoming their highly experienced team to JTC, so that together we can capture the future growth opportunities that the global trust and administration market offers”.
Ida Liu, Head of Citi Private Bank: “The decision to sell our personal trust administration and fiduciary business allows us to focus our resources on areas that will create impact for our global clients and drive growth for our Wealth business. We will continue to provide clients with leading investment management, wealth planning, lending and banking services, while JTC will provide the highest quality trustee and fiduciary services. We are confident our clients and colleagues will benefit from JTC’s singular focus on trust administration and we are pleased our clients will continue to work with the world-class trust administration team they’ve relied on at Citi Private Bank. We look forward to working together as we transition this part of our business.”
Citigroup to Sell Citi Wealth Trust & Fiduciary Services Business, Citigroup to Reduce Global Workforce by 20,000 from 240,000 Over 2 Years from 2023 to 2025
12th August 2024 – Citigroup has announced plan to sell Citi Wealth trust administration & fiduciary services business. In 2024 March, Citigroup CEO Jane Fraser announced entering into the final phase of job cuts & restructuring to reduce Citigroup global workforce by 20,000 from 239,000 over 2 years (2023 to 2025), with Citi already cut 5,000 jobs, 1,500 managers, and reduced management from 13 layers to 8 layers since 2023 September. In 2023 November, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
Citigroup Singapore Workforce Decreased by 500 from 8,500 in 2023 October to Current Workforce of 8,000 Full-Time & Contract Staff, Citigroup to Reduce Global Workforce by 20,000 from 240,000 Over 2 Years from 2023 to 2025
11th July 2024 – Citigroup Singapore workforce had decreased by 500 from 8,500 in 2023 October to current workforce of around 8,000 full-time & contract staff in Singapore. In 2024 March, Citigroup CEO Jane Fraser announced entering into the final phase of job cuts & restructuring to reduce Citigroup global workforce by 20,000 from 239,000 over 2 years (2023 to 2025), with Citi already cut 5,000 jobs, 1,500 managers, and reduced management from 13 layers to 8 layers since 2023 September. In 2023 November, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
Citigroup Announced Final Phase of Job Cuts & Restructuring to Reduce Global Workforce by 20,000 from 240,000 Over 2 Years from 2023 to 2025, Already Cut 5,000 Jobs, 1,500 Managers, Reduced Management from 13 to 8 Layers Since 2023 September
28th March 2024 – Citigroup CEO Jane Fraser has announced entering into the final phase of job cuts & restructuring to reduce Citigroup global workforce by 20,000 from 239,000 over 2 years (2023 to 2025), with Citi already cut 5,000 jobs, 1,500 managers, and reduced management from 13 layers to 8 layers since 2023 September. In 2023 November, Citigroup announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
Citigroup with 240,000 Employees Announced 300 Senior Managers Job Cuts & Management Layers Reduced from 13 Layers to 8 Layers, Reduced 15% of Functional Roles & Eliminated 60 Committees, 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
23rd November 2023 – Citigroup (22/11/23: $86.1 billion market value) with 240,000 employees has announced more than 300 senior manager job cuts and management layers reduced from 13 to 8 layers, reduced 15% of functional roles & eliminated 60 committees. In September 2023, Citigroup announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking. Citigroup (20/11/23): “Today we shared with our colleagues the next layer of changes across many of our businesses and functions as we continue to align Citi’s organizational structure with our new, simplified operating model. As we’ve acknowledged, the actions we’re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy and ensure we consistently deliver excellence to our clients.”
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Citigroup with 240,000 Employees to Announce Job Cuts & Management Changes, Announced 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser in September 2023
18th November 2023 – Citigroup (18/11/23: $86.8 billion market value) with 240,000 employees is reported to be announcing job cuts & management changes, having announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser in September 2023. Shahmir Khaliq was appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
Citigroup Announces 5 New Senior Management Structure in 5 Key Businesses to Speed Up Decision-Making & Reporting to CEO Jane Fraser, Shahmir Khaliq as Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, Gonzalo Luchetti as Head of US Personal Banking
16th September 2023 – Citigroup has announced 5 new senior management structure in 5 key businesses to speed up decision-making & reporting to Citigroup CEO Jane Fraser, with Shahmir Khaliq appointed as Citi Head of Services, Andrew Morton as Head of Markets, Peter Babej as Interim Head of Banking, Andy Sieg as Head of Wealth, and Gonzalo Luchetti as Head of US Personal Banking.
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