Citigroup Inc. leadership is considering splitting the corporation into five units, three of which would be focused on commercial business with two consumer segments, the Financial Times reported on Monday, citing unidentified sources briefed on the plans.
The Institutional Clients Group would be divided into investment and corporate banking, global markets and transaction services businesses, with leaders of the three units reporting directly to CEO Jane Fraser, according to the report.
On the other hand, the sources warned that the plan is just one option that is being considered at this point and that there is still no formal decision on Citigroup's future course of action.
