Citi Appoints 276 New MDs in Smallest Class Since 2020
Citi has announced the promotion of 276 new managing directors, marking the smallest class since 2020. This decision reflects a strategic reshaping within the organization as it continues its multiyear effort to streamline operations and enhance its investment banking division.
Citi’s New Managing Directors
The latest cohort includes a diverse group of professionals from various sectors within the bank:
- Markets: 55 promotions
- Banking: 45 promotions
- Wealth Management: 40 promotions
- Services: 33 promotions
This year’s class is notably smaller than the previous year, which saw 344 promotions. The new 2025 managing directors come from 21 countries and represent 32 nationalities, with approximately two-thirds being multilingual. Notably, about 30% have worked in at least two countries for Citi.
Historical Context of Promotions
Here’s a brief summary of Citi’s recent promotion history:
| Year | New Managing Directors |
|---|---|
| 2021 | 306 |
| 2022 | 331 |
| 2023 | 304 |
| 2024 | 344 |
| 2025 | 276 |
Significance of the Promotions
The promotions reflect a strong performance across various divisions, particularly in investment banking, which observed a 23% year-over-year increase in fees. These changes also highlight Citi’s commitment to adapting its leadership structure to meet evolving marketplace demands.
In a memo addressed to the new MDs, CEO Jane Fraser and the executive team noted the contributions of the promoted individuals. They emphasized that this group played a significant role in navigating a challenging year while laying the groundwork for Citi’s transition into an AI-enabled financial institution.
Regional and Experience Breakdown
Geographically, nearly half of the new managing directors are located in North America, with the following distribution:
- North America: 49%
- United Kingdom: 18%
- Japan and North Asia: 10%
- Australia: Approximately 10%
On average, the new MDs boast 16 years of experience with Citi and 20 years in the broader financial services sector. Additionally, 23% of the promoted class emerged through early-career programs within the bank.
Citi’s approach to recognizing and promoting leadership is vital as the organization strives to refine its risk management operations and enhance its overall efficiency.
