Citigroup’s head of risk data, analytics, reporting and tech Peter Cai has reportedly become the latest senior executive to leave the bank.
Cai’s departure was announced internally on Tuesday (June 25) and a Citigroup spokesman confirmed the move Wednesday (June 26), Reuters reported Wednesday.
The executive had recently focused on risk data analytics and reporting, as data remediation was shifted in 2023 from his team to another, according to the report.
A “large number” of senior executives have been among the thousands of employees who have left Citigroup since the bank began its reorganization, the report said.
Citi said in September 2023 that it would eliminate a number of management layers as part of a major restructuring of its organization.
The bank said the new structure would elevate the leaders of its five businesses while also doing away with a number of positions. It said it would eliminate management layers in its personal banking and wealth management and institutional clients groups, along with regional layers in Asia Pacific, Europe, Middle East, Africa and Latin America.
During an April earnings call, Citi CEO Jane Fraser said that the company’s organizational revamp is largely complete and, “We are intensifying our efforts such as automating certain regulatory processes and the data related to regulatory reporting.”
On May 14, it was reported that Citi’s head of legacy franchises, Titi Cole, and its head of the operations and technology team, Mike Whitaker, were leaving the bank.
The Financial Times reported that Cole had planned to leave the bank for a nonprofit even before Citi’s restructuring was announced and that Whitaker had planned to retire in June.
Together with Citi’s restructuring, there have been job cuts across the banking industry.
It was reported in April that the largest U.S. banks cut a total of more than 5,000 jobs during the first quarter, with Citigroup’s reduction being the biggest and accounting for 2,000 of those cuts.
The banks’ workforce reductions came as they worked to control costs during an uncertain economic environment in which investors are unsure if the Federal Reserve will cut interest rates later this year.