The WSJ said the departure marks a broader corporate restructuring that will place the wealth-management unit, including Smith Barney, within the institutional clients group. It is unclear where Krawcheck, who started at Citigroup in 2002, will go next.
Michael Corbat, the head of the corporate and commercial bank within Citigroup’s investment-banking division, is expected to replace Krawcheck, according to the news report. Corbat will report to John Havens, head of the institutional client group.
The newspaper noted that Krawcheck “is perhaps the highest-profile woman on Wall Street.’ She previously ran independent brokerage firm Sanford C. Bernstein & Co.