Citigroup to ‘Recalibrate’ Investment Banking Headcount as Needed

M&A drought spurs a new look at spending, CFO Mason says
He sees ‘green shoots’ emerging in high-grade debt markets

Citigroup Inc. Chief Financial Officer Mark Mason talks about risks to the market and trading, the transition to clean energy, risks of a recession and the interest rates. He speaks to Bloomberg’s Sonali Basak in New York.Source: Bloomberg

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By Jennifer Surane

March 8, 2023 at 10:30 PM UTC

This article is for subscribers only.

Citigroup Inc. Chief Financial Officer Mark Mason said his firm will adjust headcount in its investment banking division as necessary as it continues to look for ways to boost profits.

For years, Citigroup has been beefing up its investment bank, including through hires in sectors like energy, biotechnology and health care, Mason said in an interview with Bloomberg Television. Still, the recent drought in deals has forced the firm to consider changing the pace of some of those investments, he said.