As part of Citi’s biggest restructuring in a decade, the bank will remove layers of management and consolidate finance operations under the company’s top CFO in an effort to realize efficiencies across the organization.

Citi CFO Mark Mason is now taking on finance responsibilities previously held by multiple CFOs within individual groups, he said Wednesday at Goldman Sachs’ U.S. Financial Services Conference.

“Before we announced the reorg, I had an institutional clients group CFO, and a personal banking and wealth management CFO, and a Latin America CFO, as well as [a Europe, Middle East and Africa] CFO and an Asia CFO, and underneath them, they all had CFOs for the five core businesses,” he said. “By eliminating those roles, those businesses are now sitting at my table.”

Eliminating the CFO positions, as well as the support for those roles, will result in savings in addition to enabling the company to be run more “effectively,” said Mason, who in June pinned headcount reductions on an ambitious technology transformation initiative coupled with its plan to exit 14 countries.

Citi is on track to complete its restructuring effort by the end of the first quarter of 2024, he said.

The milestone is the culmination of a wide-ranging restructuring effort announced by CEO Jane Fraser in September which scrapped the bank’s two-division structure and replaced it with five units whose leaders report directly to Fraser. The plan includes headcount reductions, including 10% of the management level that sits two levels below the CEO’s executive management team.

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