• Citigroup announced 344 new managing directors on Thursday, its largest class under CEO Jane Fraser.
• It boosted the number of new MDs in technology, a unit core to Fraser's transformation efforts.
• Here's the list of names the bank tapped to help steer the firm through its next phase.

Citigroup on Thursday named 344 employees to the bank's highest rank outside the C-suite, the most since Jane Fraser became CEO in 2021. The promotions were driven in part by its investments in technology amid a larger transformation effort.

Managing director promotions are an annual tradition across Wall Street and help to showcase the next generation of industry leaders. Citi's MD promotions come as Fraser continues a yearslong effort to modernize and simplify the bank, including by thinning out its management ranks. Earlier this year, the banks said it would cut 20,000 jobs, roughly 10% of headcount, over the next five years.

Citi's overhaul — known as the "Transformation" — includes efforts to upgrade the bank's risk controls and tech following a series of missteps that landed the firm in hot water with regulators, including an accidental payment of nearly $900 million to creditors of the beauty brand Revlon in 2020.

This year's MD class includes more leaders from its markets and technology groups, as well as the chief operating office, a Citi spokesperson told BI. The number of promotions in the services and banking units remained flat, the spokesperson said, adding that there was a slight decrease in US personal banking and legacy franchises, or businesses that the company is in the process of winding down.

Markets saw the largest number of promotions at 69, followed by 48 in its banking group (encompassing investment, commercial, and corporate banking), and 42 in wealth. Technology has 27 new MDs.

Citi officials, including Fraser and Viswas Raghavan, Citi's new head of banking who joined in February from JPMorgan, praised the new class for their "relentless" pursuit of performance in a Thursday memo, a copy of which was obtained by Business Insider.

"Our new MDs have been instrumental in ensuring we continue making progress on our Transformation and with our regulators," said the memo authored by members of Citi's executive management team. "They continue to build our credibility with key stakeholders and are relentless about driving stronger business performance."

The MDs were also honored Thursday morning with "roll call" gatherings within their respective business units — an annual tradition within some divisions that was expanded across the bank last year.

Here's the full list of new managing directors at Citigroup and some key demographic stats:

Banking (48 names)

• Aditya Agarwal
• Salomon Amkie
• Vicente Alejandro Arevalo Barrabes
• Lorenzo Beacco
• Chad Bergert
• Mike Berry
• Seok Hoon Chia
• KC Clark
• Blazej Dankowski
• Lucy Devlin
• Colm Donnelly
• Osama Naji El-Ali
• Casper Elnegaard
• Ben Exner
• Gustavo Fontes
• Andre Funari
• Mario Garcia
• Ricardo Garza
• Cecile Guilleminot
• Ferdinand Haindl
• Melissa Haw
• German Heberling
• Elia Hermida
• William Herrmann
• Eric Himmelberger
• Crystal Jin
• Gabe Juarez
• Abhishek Kaila
• Dai Kitatani
• Abhinav Lamba
• Billy Liu
• Param M
• Ula Malczewska
• Siena Malik
• Simon Marrison
• Gino Mbetse
• Andrew Miller-Jones
• Kevin O'Sullivan
• David Oji
• Mihail Polyakov
• Prateek Rastogi
• Partha Rathore
• Linlin Sun
• Alex Syhanath
• Atsushi Tauchi
• Saffet Tinaztepe
• Yeung Tsai
• Sunny Wang

Citibank, N.A. (2 names)

• Rajan Brotia
• Barry J White

Client (18 names)

• Fatima Boolani
• Ian Booth
• Laura Chia Yi Chen
• Andrew Gardiner
• Neary Guenin
• Shishir Prasad
• Kenny Pun
• Tyler Radke
• Jennifer Sariano
• Jamie Searle
• Chirag Shah
• Viral Shah
• Jack Shang
• Noorie Singh
• Albert Sutton
• Judy Yip
• Xiangrong Yu
• Cedric Zunino

Chief Operating Office (20 names)

• Abhishek Agarwal
• Rob Brodie
• Sean Burnham
• Geoffrey Capes
• Erika Federico
• Kimberlie Hardial-Choo
• Stuart Hill
• Kyle Hughes
• Ketan Khokhani
• Swati Kulkarni
• James McGuigan
• Adrian Murphy
• Juan Francisco Orrego
• Tim Palmer
• Chris Skarzinski
• Carolina Spalding
• Pamela St John
• Subha V
• Chris Winter
• Adam Wood

Enterprise Services and Public Affairs (3 names)

Graham Buck

• Anmol Chowdhry
• Davida Heller

• Finance (17 names)
• Bilal Akhtar
• Peter Battin
• Yun-ni Chen
• Peter Demoise
• Marcos Diaz
• Kimberly Egert
• Michael Fillius
• Janak Ghosh
• Kevin Hong
• Matt Jonason
• Dimba Kier
• Bertrand Louvard
• Cynthia Ng
• Sandeep Pati
• Rebecca Reeb
• Teresa Salvato
• Yun Wang

Global Legal Affairs & Compliance (22 names)

• Alberto Arenas, CSIS
• Kimberly Barnes, ICRM
• Michael Caravella, Legal
• Shirley Carter, Legal
• Sam Cory, ICRM
• Mark Eliades, Legal
• April Fredlund, Legal
• Steven Krause, ICRM
• Dora Kreymborg, Legal
• Angie Lockley, CSIS
• Dana Lukens, Legal
• Matthew MacIntyre, CSIS
• Piotr Matuszewski, ICRM
• Rosie McAnlis, Legal
• Geardine McCann, Legal
• Ciarán Murphy, ICRM
• Paul Patton, Legal
• Deborah Resch, Legal
• Jose Riera, CSIS
• Mark Steuer, ICRM
• Laura Toustau, ICRM
• Rosalie Yee, Legal

Human Resources (3 names)

• Shari Funk
• Shay Gonen
• Laura Zablah

Internal Audit (9 names)

• Neha Bhardwaj
• Callie Boyd
• Josh Goldsmith
• Gordon Hua
• Sophia Jingo
• Patrick Kielty
• Neil Kothare
• James Kouame
• Cindy Santoro

International (4 names)

• Fahad Aldeweesh
• Maria Paula Carvajal
• Jonathan Nix
• Kubilay Ozturk

• Legacy Franchises (6 names)
• Bill Burns
• Enrique Granillo
• Jesus Jauregui
• Gonzalo Palafox
• Erick Ramirez
• Jean Rocha Rodrigues

• Markets (69 names)
• Laurence Assip
• Robert Beatson
• Paul Berry
• Matthew Boyer
• Suninder Singh Chauhan
• Amish Chotai
• David Collis
• Ashish Kumar Daga
• Marc Damoiseaux
• Connor Dwyer
• Chuck Edmunds
• Richard Fairhall
• Carlos Ferrari
• Michael Fershtman
• Imelda Frayre
• Andre Grossi
• Roshni Gudka
• Aditya Gupta
• Natalia Gutierrez de la Peza
• Kentaro Hayashi
• Peter Nicholas Hext
• Sandy Hou
• Rocky Huang
• Rob Hughes
• Funmi Ibidunni
• Howard Ilderton
• Johan Kabla
• Neha Kapur
• Yana Keresteliev
• Subir Kumar
• Christopher Kuo
• Eirini Lerikou
• Ronan Liston
• Jorge Lonegro
• Steffen Lunde
• Roberto Massacci
• Maura McFadden
• Egor Miroshnikov
• Jim Monahan
• Chen Ni
• Fonzarelli Ong
• Warren Parker
• Vijay Parthasarathy
• Mihaela Penes
• Galvin Phua
• Jason Pillai
• Luke Pollock
• Jonathan Radke
• Rohit Rajgaria
• Richard Rosin
• Camila Rossetti
• David Rufino
• Colin Ryan
• Manish Saraf
• Angele Seriki
• Bollie Shiflett
• Marie Sho
• Esben Shoen
• Siris Singh
• Iqbal Sohal
• Kumar Subramanian
• Andrew Sufka
• Aruna Tatavarty
• Davy Tsang
• Miro Vucetic
• Rishi Watts
• Marcus Weickel
• Henry Wong
• Jeff Wu

Office of the CEO (1 name)

• Sigrid Nubla

Risk (16 names)

• Mikael Amar
• Gabby Banwait
• Om Barlinge
• Anindya Basu
• Bridget Griffin
• Nayantara Gupta
• Matthew Haigh
• Chuck Hou
• Ibo Longjam
• Shivi Punia
• Liza Ramsammy
• Navrup Rana
• Ravi Surana
• Logan Tamres
• Rodrigo Vargas
• Thomas Wood

Services (32 names)

• Saurabh Arora
• Kfeir Barkai
• Leandra Catton
• Amit Choudhary
• Chris Cook
• Yoanna Darwin
• Jane Dulson
• Carol Ferretti
• James Flugstad
• Elena Gomez
• Mandeep Heer
• Jonathan Jordan
• Ronan Kealy
• Lenny Leone
• Simon McConnell
• Ross McEwan
• Mary Messer
• Olivia Morgan
• Sergei Oganov
• Patrick O'Neill
• Nikhil Patankar
• Sonal Patel
• Leandro Quintal
• Rob Ranson
• Andy Ren
• Kirstin Renner
• Sean Ruby
• Yvonne Swainston
• Tomas Videla
• Heidi Willox
• Elias Xilas
• Melissa Ongleo Yambao

Technology (27 names)

• Catherine Ablott
• Mohamed Alsaloom
• Shante Avery
• Kashif Awan
• Nidhruv Bahree
• Mark Ballard
• Andre Batista
• Kathryn Beard
• Rachel Carpenter
• Noby George Cheruvathoor
• Gonzalo Cordova
• Nigel Deverteuil
• Ryan Evans
• Jeffrey Hazel
• Adam Hess
• John Shannon Hogue
• Hong Jiang
• Dave Jones
• Hitesh Kshatriya
• Greg Lurie
• Rajesh M K
• Deepak Nabera
• Steven Readett
• Jon Rosen
• Michael Todisco
• Nishanth Vontela
• Rajesh Wadhwa

U.S. Personal Banking (5 names)

• Jeff Chwast
• Timothy R Dougherty
• Tracy Goldman
• Sri K Lakamsani
• Supriya Ramamurthy

Wealth (42 names)

• Yogi Abhyankar
• Emile Abinader
• Rob Anderson
• Zeshan Azam
• Nicola Baker
• Christopher Barron
• Stewart Boag
• Olga Bogdanova
• Greg Byrne
• Winnie Choi
• Mendy Chung
• Juan Francisco Clemenza
• Sheethal Dalpathraj
• David C Darshan
• Beth Emswiler
• Matthew Ferrari-Wells
• Jenny Fung
• Carlos Garcia-Crespo
• Brad Goldberg
• Hollie Griego
• Danny Jones
• Eric Kraus
• Mark Chung Hei Lee
• Lena Siew Geok Lim
• Jason Liu
• Andrew Louw
• Alinne Majarian Fash
• Vlod Makar
• Alex Marks
• Kishore Indroo Motwani
• Luis Negrete
• Diego Parlaghy
• Claudia Penido
• Juan Guillermo Ramirez
• Gaston Rodriguez
• Jason Rosen
• Einat Sadka
• Masa Sekulic
• Kathy Stith
• Narayan Swamy
• Diego Szuldman
• Frederic Viaud

Here are some key stats about the group:

• 29% are women.
• 24% joined through Citi through an early-career program.
• 56% are multilingual and 30% have worked in two or more countries.
• The new MDs have a median of 20 years of experience in financial services.
• They are from 29 countries and comprise 35 nationalities.
• North America represents the largest number of new MDs, 174 or 50.6%. The United Kingdom is second with 68, or 19.8%, followed by Japan, Asian North & Australia at 35 (10.2%), Asia South: 28 (8.1%), Latin America: 19 (5.5%), Europe: 15 (4.4%), Middle East & Africa: 5 (1.5%).

• Among the 174 promotes who are based in the US, 44.8% are racially or ethnically diverse. While some identify with more than one racial or ethnic group, here's a breakdown:

  • 25.9% Asian (45)
  • 6.3% Black (11)
  • 12.6% Hispanic/Latino (22)

• Nolan Church is a former Google recruiter who says you could be holding yourself back from a promotion.
• Performance gaps, lack of roles, and budget constraints can also hinder career advancement.
• Advocating for oneself and seeking feedback are crucial for securing promotions.

This as-told-to essay is based on a conversation with Nolan Church, a 35-year-old former recruiter for Google and Doordash and now the cofounder and CEO of FairComp from Salt Lake City. It has been edited for length and clarity.

Before becoming the CEO of FairComp, a company that helps employees understand if they're paid fairly, I was a recruiter for Google for three years and led recruiting at Doordash for another three years.

I often saw colleagues and friends get overlooked for promotions. There are several reasons for this — here are four of them.

1. Performance gap

The first one is a gap in performance. There could be a misalignment in how an employee thinks they're doing and how management thinks they're doing, most likely due to a lack of feedback.

Many people are bad at giving feedback. An employee could have poor communication skills, a negative attitude, or be a pessimist, but they may not know it. Or, when they do receive feedback, they argue about it instead of trying to remediate and improve. These things surface when it comes time for a promotion, but they're hard to fix when you're unaware it's a problem.

When looking for a promotion, make sure to ask for feedback on your current performance and actually listen. Then, document the feedback, improve, and ask your manager, "Can you help me understand the gap between where I'm at and the next level?" That way, you may get promoted in the next round of promotions.

In your one-on-one meetings after the initial conversation, you could say, "This is what we talked about in the past, and this is what I've been doing to improve. What's your feedback on how my performance has been progressing?"

This is also helpful if you aren't getting promoted due to a skill gap, like if you're trying to get promoted into a management role and you've never managed people before. Ask your manager what you need to work on to move on to the next level.

2. No job 'big enough'

You might be killing it at your job, but if the business doesn't have an open role or a scope big enough to justify your promotion, you typically won't get promoted.

For example, when Google employees reach level five, or terminal level, many will never get promoted again. Typically, there's no job big enough for them to go into next.

Once you reach the top, you might not see any additional compensation increases either. Some companies may make exceptions and offer more, but that's not the rule.

If this happens, you have a few options. You can stay put and try to keep learning within your role, search for other roles inside the company where there are opportunities to grow and ascend, or you might choose to leave the company.

3. Budget constraints or business challenges

If a business isn't doing well, promotions are most likely not happening or are occurring at a significantly decreased rate. If a business is experiencing some sort of struggle, it has no incentive to promote people, and your likelihood of getting promoted is significantly less than at a business that's doing well.

Typically, promotions come with a salary increase, but not all companies can always provide that. When this is the case, the solution for an employee seeking a promotion is situational.

If the economy is up but your company is not doing well, it might be time to look for another opportunity elsewhere. If the economy is down, you may consider staying put in your current role, as leaving in a bad economy can be risky.

Otherwise, if you leave and, six weeks later, your new company decides to run a layoff, you're more likely to be impacted because you lack tenure — "last in, first out," can still be true today.

4. You aren't advocating for a promotion

You must advocate for yourself to get a promotion, but people are often terrible at doing that — especially when working remotely. Instead of thinking, "I'm just going to do great work, and people are going to notice," you need to think, "I'm going to do great work, and I need to tell people about the work I'm doing."

I remember having a big mental shift in my career when I realized I needed to take responsibility and own it. I thought, "I can't expect my manager, who has a ton on their plate and a lot going on, to always be the one checking in on me. Instead, I need to advocate for myself."

Start by scheduling regular touchpoints with your manager so they understand the value you're providing to the organization — something harder to see when you work remotely.

If you work from home, you need to overcompensate to combat this. When in person, people can see that you're working and can ask you questions without friction. To ensure your manager doesn't think you're slacking off, send snippets on Fridays that include everything you did that week and your priorities for next week. Also, send no-update updates, which update stakeholders on where things stand without them asking you.

That way, they're always aware of what you've done and what's coming next. If they want to provide feedback, you've given them an opportunity.