Citi pares down sustainable debt team amid London job cuts

Citigroup has cut several senior members of its London debt capital markets (DCM) division, with its sustainable finance team bearing the brunt, according to a report by eFinancialCareers.

The outlet reported that Philip Brown, a managing director who co-led Citi’s sustainable DCM group since 2020 alongside Sanaa Mehra, has left the bank. Vice presidents Sara Minic and Chantal Thomson were also named among those departing. Mehra is understood to remain at the firm. eFinancialCareers said the changes were described by insiders as “brutal,” reflecting deep unease within the team. Citi has not publicly commented on the departures.

Sustainable finance hiring surge now in reverse

The cuts in Citi’s London team reflect a broader industry shift. During the pandemic, many banks rapidly expanded their sustainability and environmental, social and governance (ESG) teams as demand for green financing rose.

But in the past 18 months, several institutions have reversed course. In 2024, Bloomberg reported that HSBC reduced sustainability staff, including its global head of ESG solutions. Financial News London reported that Standard Chartered downsized its sustainability division from around 140 staff to 90 within six months. Meanwhile, Wells Fargo also cut ESG roles as part of its broader streamlining, according to Reuters.

The sustainable finance cuts follow earlier changes in Citi’s London DCM unit. In late 2024, eFinancialCareers reported that the bank removed several senior figures, including Colm Rainey, Christian Rose and Santhi Athreya, while junior bankers were hired into the team — a move some employees described as “juniorisation.”

In a separate development, Financial News London reported that Citi has combined its investment-grade loans and bonds into a single unit with a flatter structure. Senior appointments included William Weaver as vice-chair of investment banking, Uday Malhotra as head of leveraged finance, and Paul-Emmanuel Micolet leading financial institutions group DCM.

The London reductions are part of Citi’s broader restructuring under chief executive Jane Fraser, who in 2023 announced plans to eliminate 20,000 jobs globally by 2026. Reuters reported that as part of this initiative, up to 250 roles in Citi’s Canary Wharf offices were under review.

Fraser’s overhaul — internally dubbed “Project Bora Bora” — is aimed at simplifying Citi’s structure and cutting costs as the bank lags behind Wall Street rivals in profitability.