Citigroup's Europe boss departs amid CEO Fraser's sweeping overhaul

Paulo Nunes dos Santos

Kristine Braden, the head of Citigroup's Europe unit, is leaving the U.S. lender amid Chief Executive Officer Jane Fraser's comprehensive reorganization of the top management structure to boost returns.

Braden will remain with Citigroup over the next several weeks as she transitions her responsibilities, according to an internal memo seen by Bloomberg News. A representative for the firm confirmed the development. 

Kristine Braden The executive is in charge of Citigroup's Europe "cluster" of businesses and also the CEO of Citibank Europe, a key subsidiary for the New York-based bank that helped generate some $1.3 billion in pretax profit last year, filings show. 

Citigroup employees are bracing for a wave of job cuts as Fraser launches the biggest restructuring of the Wall Street giant in two decades, part of her effort to reverse a years-long slump in its stock price. Fraser, in charge since early 2021, will eliminate top regional-head roles and focus on five main businesses, according to a statement this week.

"Citi let me fulfill my dream of an international career," Braden said in a statement to Bloomberg News. "I wouldn't change that for the world."

Braden, 49, joined Citigroup in the 1990s and held various roles in Asia and Europe before becoming chief of staff to Fraser's predecessor, Michael Corbat in 2018. Then she became the head of the Europe cluster in early 2020, according to her LinkedIn profile. Reuters reported the planned exit earlier.