Reports from Bloomberg indicate that managing directors in the wealth and technology sectors are among those leaving, along with staff from a team that handles client data and analysis.
Shadman Zafar, the co-chief information officer based in Dallas, is also stepping down, with the spokesperson confirming his retirement.
The bank stated that "leadership changes, retirements, and targeted staff adjustments are all part of normal business operations." They chose not to provide any additional comments.
Last year, a significant portion of the restructuring was completed after Fraser unveiled a strategy in late 2023 aimed at boosting earnings, streamlining processes, and fixing long-standing issues with data governance and risk management.
Citi still plans to list Banamex, its Mexican division, on stock exchanges in Mexico and the U.S. this year, although Fraser warned that market conditions and regulatory challenges could push the listing back to 2026.
In December, the bank wrapped up the necessary separation of banking entities for the listing.
Citi's stock jumped 37% in 2024, outperforming the wider banking index and equity markets, as investors responded positively to Fraser's transformation efforts.
The bank also reported better-than-expected profits for the fourth quarter on Wednesday, driven by strong performance in trading and deal-making.