(Bloomberg) -- Conor Davis, one of the most senior sales executives at Citigroup Inc.’s trading unit, is leaving the Wall Street giant as Chief Executive Officer Jane Fraser pushes through a vast overhaul. 

Davis, who oversees sales and relationships with hedge funds and other key institutional clients of Citigroup’s global markets unit, will depart over the coming weeks, according to the people, asking not to be identified as the details aren’t public yet. His exit is part of the lender’s efforts to simplify operations, one of the people said.  

Fraser, 56, is restructuring Citigroup in a bid to slash costs, boost returns and lift its stock price that has lagged behind some of its rivals. The New York-based firm aims to cut 5,000 jobs before the end of the first quarter as part of that effort and executives have said they expect to eliminate 20,000 roles in total and save as much as $2.5 billion in expenses.

A representative for Citigroup confirmed Davis’ departure but declined to comment further. 

Davis’s current title is global head of sales and solutions for financial institutions, a role that encompasses hedge funds and other kinds of finance firms while excluding corporate clients. He took over as head of investor sales and relationship management in 2021 in a promotion that Citigroup officials described at the time as an attempt to streamline operations. The job entailed him overseeing 1,600 people across 42 countries, Bloomberg News reported at the time. 

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