With the move, instead of relying on one person to lead the firm’s investment strategy, the bank will seek to better leverage the existing in-house expertise across Citi, that will include its markets and banking research teams.
It was in December 2012 that CEO Michael Corbat had revealed the bank’s plan to cut about 11,000 jobs, while also shutting branches and pulling back from some emerging markets citing decline in revenue.
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"While we believe it’s critical to retain an independent investment view and voice, there will no longer be a requirement for a single individual to formulate the firm’s investment strategy and asset allocation," Jane Fraser, CEO of Citigroup’s private bank, wrote in the memo that was obtained by Bloomberg.
Cookson had joined Citigroup in 2009 after working in London as head of global asset-allocation research at HSBC Holdings Plc.
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