Citigroup’s overhaul of its business under chief executive Jane Fraser in 2023 involved the elimination of most co-head roles as the Wall Street bank looked to boost efficiency. But two heads are not always better than one, especially when cost-cutting is a key priority. 

This change of approach was felt more acutely in its investment bank. Splitting senior jobs has long been a way of satisfying key dealmakers with big egos, which often stops them looking for an inflated title elsewhere and allows for big-ticket dealmaker hires without upsetting the internal apple cart.