Citigroup Names Its Largest Class of MDs in at Least Six Years

(Bloomberg) -- Citigroup Inc. named 344 new managing directors, the most in at least six years for the Wall Street bank.

“This represents one of the largest MD cohorts in our firm’s history, and once again reflects the global diversity of Citi and the colleagues, communities and clients we serve,” the bank’s executive management team said Thursday in a memo to staff.

The new group includes employees from 29 countries. More than a quarter of them are women.

Citigroup’s management team is in the middle of a major turnaround effort as returns have lagged behind peers for years. Chief Executive Officer Jane Fraser is seeking to sharpen standards while improving the company’s culture.

The bank said it promoted 304 new managing directors last year, 331 in 2022, 306 in 2021, 241 in 2020 and 220 in 2019.