Citigroup is promoting a new class of 125 managing directors — the highest rank at the firm — in its Institutional Clients Group, effective January 1 of next year.
Citi is promoting 40 workers in its banking unit, 55 in its sales and trading unit, and 30 more across other units, including its private bank, according to a memo from Citi president and Institutional Clients Group (ICG) CEO Jamie Forese viewed by Business Insider.
“A promotion to Managing Director is a career-defining accomplishment and each of these individuals makes a remarkable, differentiated contribution to Citi, embodying our Mission of Progress by working each day to Be the Best for Our Clients and embracing our Leadership Standards,” Forese wrote in the memo, which was sent out internally last Friday and confirmed this week by a Citi spokeswoman. “I look forward to their continued leadership and contributions in the years ahead.”
The 125 promotions in ICG is up from 120 last year.
How does that compare with competitors? Bank of America Merrill Lynch promoted nearly 140 employees to MD in late November. Morgan Stanley promoted 153 employees to MD in January— up from the 140 it promoted in 2017.
At Goldman Sachs, where MD is one rung below the prestigious role of partner and the classes are announced every two years, 509 employees were promoted to MD in 2017 and 69 were promoted to partner in November.
Here are all the names in the 2018 Citigroup managing-director class: