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Veteran Citi MDs quietly vanishing during latest cuts

It might be cuffing season in the Northern Hemisphere, but it’s definitely cutting season at Citi.

The bank is knee-deep in a big restructuring process that could reportedly see up to 10% of people cut from some teams, and, as any decent banker will tell you, restructuring usually means jobs being cut – or, as often, people leaving anyway.

Donna Gordon is one person seemingly departing the bank. She was in New York for Citi for just two years, having joined from the United Services Automobile Association (USAA), a financial services company that offers products and services to American military veterans, where she was a risk & controls VP. She was Citi's global head of regulatory response and oversight.

She is understood to have left Citi today, but the bank declined to comment. Gordon was one of Citi's big control hires after its $400m fine back in 2021, which came with a recommendation to improves its processes and technology.

Citi MDs who left previously are, however, resurfacing, Ahu Gures Altintas was with Citi in New York for nearly 20 years, making MD in 2021. She spent her time at Citi with various credit risk-related teams, most recently as a Technology, Media, and Telecoms (TMT) senior credit risk officer. She left Citi to be a Credit Executive at Bank of Montreal last month.

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Angelique Roberts also has a new job. Roberts spent 5 years with Citi, most recently in Miami as head of sanctions compliance for Latin America and Mexico. She was in DC with the National Security Council before that as a director of threat finance, and last week joined BNY Mellon in New York as global head of sanctions compliance.

Citi's cuts are part of CEO Jane Fraser’s big corporate revamping of the bank. Citi said in its Q3 presentation for analysts that it planned to cut its management layers down from 13 to eight and eliminate some 13% of its committees. CNBC reported that cuts began on Wednesday, with chiefs of staff, MDs, and “some lower-level employees” going now. The cuts would stretch to other levels in the bank starting in February, CNBC said.

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AUTHORZeno Toulon Reporter
  • ph
    24 November 2023

    IME, Citi has never been a place where compliance efforts are taken as seriously as might be suggested, if at all. When I was there, we had a departmental compliance officer who was chosen primarily because he had zero competencies of any type, let alone related to investment banking. So this doesn't surprise me.

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