The analysts had published reports on topics such as climate, renewable energy, biodiversity and carbon markets. — Bloomberg
NEW YORK: Citigroup Inc has cut about five analyst jobs inside a small team dedicated to producing environmental, social and governance (ESG) and climate reports, according to people familiar with the development.
The analysts, who worked within Citi’s Global Perspectives and Solutions unit, left the bank at the end of last week, according to the people, who asked not to be identified discussing information that Citigroup hasn’t made public.
Among the departures is Jason Channell, head of sustainable finance for Citi Global Insights, the people said.
The analysts had published reports on topics such as climate, renewable energy, biodiversity and carbon markets.
Citigroup, which still employs analysts in other departments that focus on ESG, didn’t charge clients for the research produced by the analysts whose jobs were cut.
Other researchers that focused on separate topics were also let go.
Channell didn’t respond to requests for comment.
A spokesperson for Citigroup said the bank is committed to supporting its clients “in their sustainability journeys” and to reaching the firm’s own net-zero and sustainable financing goals, while declining to comment on personnel matters.
Citigroup is still working on a January pledge to cut about 20,000 jobs globally, or about 8% of its workforce.
To date, it has eliminated roughly 11,000 positions.
The bank has vowed to increase profitability and restore investor confidence after years of lagging behind its major US banking peers. — Bloomberg
