Citi may be making optimizations to its risk team and cutting 3,500 jobs in China, but it's also making senior hires for its New York treasury team. And when it hires for treasury, it likes to hire from Bank of America (BofA).

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Citi just recruited Alan Donald, BofA's head of treasury business initiatives and execution, into a similar role. Donald previously spent 15 years at BofA, doing a variety of operational treasury roles, in which insiders say he transformed the team and its culture. He's seemingly expected to something comparable at Citi.

Donald will not be alone in his new Citi job. Andrei Magasiner, Citi's treasurer is also from Bank of America. Magasiner joined Citi from BofA in April 2024 and has seemingly recruited his former colleague to help him. At BofA, Magasiner was the chief of staff to the global markets team.

Citi's treasury team may soon be hearing from Donald. Insiders say he's expected to help the bank deliver its strategic priorities more speedily while adding management routines and tweaking organizational design. The latter could imply optimizations, which could even imply cuts (again).

Treasury teams in banks are responsible for funding, liquidity and asset and liability management for the bank as a whole. 

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