Citi is experiencing significant changes within its investment banking division, particularly in the UK and EMEA regions. The bank’s recent restructuring initiative, known as the Bora Bora project, is aimed at streamlining management layers and is expected to lead to workforce reductions of up to 10% in certain teams. This initiative is led by CEO Jane Fraser and newly appointed head of UK and EMEA investment banking, Jens Welter.

The restructuring has already resulted in high-level exits. Notably, Shreyas Bordia, who had been the head of EMEA energy investment banking since his transition from Morgan Stanley in 2015, has departed from the bank. His exit, alongside others within the Financial Institutions Group and energy sectors, signals a period of turnover and uncertainty for Citi. The energy investment banking division, previously seen as a potential “super group” for the bank due to the global focus on energy transition, is now facing doubts after a 30% downturn in M&A revenues.

Despite these challenges and changes, Rob Way will continue his role leading UK investment banking, providing some stability within Citi’s ranks. Nacho Gutiérrez-Orrantia is also adjusting to new roles following the organizational changes. The full impact of the Bora Bora project on Citi’s operations and its position in the market remains to be seen as the bank navigates through this transitional phase.