Citigroup elevates 276 staff to Managing Director in its smallest class since 2020

Citigroup has promoted 276 employees to managing director (MD) positions for 2025, marking its smallest intake since 2020. The annual announcement confers the bank’s most senior internal title and is closely watched across Wall Street.

As per a report by Reuters, the newly appointed MDs represent 21 countries, with almost 49% based in North America. Women made up roughly 28% of this year’s class.

Citi’s markets division led the promotions, adding 55 managing directors, followed by the banking division with 45. The move comes after a strong performance in the third quarter, when the markets business reported record revenues of $5.6 billion, up 15% year-on-year.

The bank’s shares have surged more than 50% so far this year, outperforming a broader index of large-capitalisation banks.

This year’s tally continues a downward trend in appointments. Citi promoted 344 managing directors last year, compared with 304 in 2023, 331 in 2022 and 306 in 2021.