Ida Liu, the head of Citi’s private bank, will exit this month. Andy Sieg, who runs the bank’s wealth business, said on Monday in a memo that Liu had informed him of her decis

Leaders in Citi's technology unit and its "crown jewel" services unit announced a raft of changes as key leaders step down.

Ida Liu, an 18-year veteran of the bank, did not detail her future plans. Citi eliminated her post and will instead have four regional private-banking chiefs.

Managing directors in the wealth and technology units are leaving the firm and Citi is also axing people from a team that compiles data and analysis on the bank’s clients, Bloomberg reported.

Citigroup Inc. eliminated more jobs this week, just as executives were announcing new share buybacks and doubling down on Chief Executive Officer Jane Fraser’s commitment to expense reductions.

Ida Liu, the global head of Citi's private banking arm, announces her departure amid the bank's focus on expanding its wealth division.

The megabank is simplifying the management structure of its private bank. Regional leaders will now report directly to Andy Sieg, head of wealth.

Citi armed 30,000 developers with generative AI coding tools as part of an ongoing modernization push, CEO Jane Fraser said, during the bank’s Q4 2024 earnings call Wednesday.

Among those innovations is Citi Payments Express, the bank’s “simplified banking platform.” The bank converted 4 million retail bank customers to the platform in 18 countries. The bank spent $11.8 billion on technology in 2024, with a focus on digital innovation, new product development, client experience and cybersecurity.

U.S. Bancorp announced on Tuesday that President Gunjan Kedia will become its chief executive, effective April 15, becoming the first woman in the bank's history to take up the role.

Wells Fargo said that its 2022 consent order with the Consumer Financial Protection Bureau relating to auto lending, consumer deposit accounts, and mortgage lending, has closed.

Kedia is scheduled to become the first woman to run the nation's seventh-largest bank by asset size. Some analysts expressed surprise over the timing of the announcement.