The plan envisages splitting the bank’s Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets, and transaction services, the FT reported on Monday. The division generated about three-quarters of Citi’s $14.8 billion net 2022 profits. The newspaper said the newspaper would run the business by its current heads, who would report directly to Fraser. The move comes as Wall Street’s big banks continue to shed staff amid a muted environment for mergers and acquisitions, and investors remain concerned about rising tensions between the United States and Russia. Earlier this year, Citi began cutting … Continue reading Citigroup Considers Major Overhaul, Could Split Investment Banking Unit