(Reuters) -Citigroup is cutting more jobs this week after going through an overhaul last 12 months, a spokesperson for the lender said on Thursday, as a component of the sweeping reorganization under Chief Executive Officer Jane Fraser to chop costs.

Managing directors within the wealth and technology units are leaving the firm and Citi can also be axing people from a team that compiles data and evaluation on the bank’s clients, in accordance with a report by Bloomberg, which cited people aware of the matter.

Dallas-based co-chief information officer Shadman Zafar is an element of the departures. Zafar, a banking veteran, has decided to retire from his role, the Citi spokesperson confirmed.

“Leadership changes, retirements and targeted staff changes are all normal course when running a business,” the bank said in an announcement. The lender declined any further comment.

A bit of restructuring was accomplished last 12 months after Fraser presented a plan in late 2023 to extend earnings, streamline operations and address long-standing deficiencies within the bank’s data governance and risk management.

The bank still expects to list Banamex, its Mexican unit, on Mexico and U.S. stock exchanges this 12 months. Nonetheless, market conditions and regulatory hurdles might delay the stock floatation to 2026, Fraser told analysts.

In December, the bank concluded the separation of banking firms that was needed for the listing.

Citi’s stock surged 37% in 2024, outperforming the broader banking index and the equity markets, as investors cheered Fraser’s efforts to remodel the bank.

Citigroup beat estimates for fourth-quarter profit on Wednesday, fueled by strength in trading and dealmaking.

(Reporting by Pritam Biswas in Bengaluru; Editing by Alan Barona)