CITIGROUP has sold its non-US consumer businesses in nine out of 14 regions and “substantially wound down” three more, as the lender undergoes its biggest overhaul in more than two decades to simplify its business and boost profitability.

The US bank also said its Mexican consumer business was on track for a planned initial public offering in 2025, and that the lender had restarted the sale process for its Polish consumer business, a regulatory filing showed on Tuesday (Mar 19).

The bank’s sweeping reorganisation will be completed by the end of March, CEO Jane Fraser told investors at a conference in New York earlier this month. That includes simplifying its structure into five businesses, eliminating some committees and reducing duplication in roles.

Citi also lowered CFO Mark Mason’s pay by 5 per cent to US$13.3 million in 2023, according to its Tuesday filing.

The company employed 239,000 employees in 90 countries as at December 2023, 1,000 fewer than a year ago, as it works towards its target of lowering headcount globally by 20,000, or roughly 8 per cent, over the next two years. REUTERS