Citi’s Paco Ybarra to Depart After 36 Years at Banking Giant (2)

Citigroup Inc.’s Paco Ybarra, one of Chief Executive Officer Jane Fraser’s top deputies, will depart after 36 years at the Wall Street giant.

Ybarra, 61, who is head of the firm’s institutional clients group, will leave in the first half of next year, according to a memo to staff from Fraser. The institutional business includes Citigroup’s trading and investment-banking arms, as well as the firm’s treasury and trade division.

“I deeply value his counsel and partnership, especially during my early days as CEO,” Fraser said in the memo. “Our bank is undoubtedly a better place because of ...