Citi has named Kanika Thakur and Mridula Iyer as senior heads of treasury and trade solutions (TTS) for the Asia Pacific region, effective immediately.

Thakur will serve as TTS head for Asia North and Australia, while Iyer has been appointed as TTS lead for Asia South.

The pair will continue to be based in Hong Kong and India, respectively, and report to Citi’s head of services, Shahmir Khaliq.

The announcement comes after Rajesh Mehta, Citi’s regional TTS head for the Asia Pacific, revealed in mid-December that he would be retiring from his post after nearly 40 years – and a dozen roles – at the bank.

Thakur has been with Citi for over 20 years and held several posts, most recently serving as head of corporate, commercial and public sector sales for TTS in Asia Pacific, and before that, head of trade for the region.

Iyer has been at the bank for nearly three decades and took over as head of TTS for South Asia in 2018, responsible for India, Bangladesh and Sri Lanka, moving from her role as head of TTS cash products.

The double appointment comes at a time of internal upheaval at the US-headquartered lender.

In Q4 2023, Citi’s chief executive Jane Fraser said the financial institution would undertake a sweeping global restructuring which would include lay-offs and a simplification of its management teams.

The bank has shifted away from its previous structure of two large business units and instead created five core segments: services, which includes TTS and securities; markets; banking; wealth; as well as US personal banking.

In September, it revealed that Khaliq, formerly Citi’s global head of TTS, would take over the services division.

“The new, flatter structure elevates the leaders of Citi’s five businesses and eliminates management layers, which will speed up decision-making, drive increased accountability and strengthen the focus on clients,” Citi says.