Citigroup Inc (NYSE:C) is reportedly considering separating one of the largest divisions, Institutional Clients Group (ICG), into several businesses.

The separated units would be run by their current heads and will report to Fraser. 

As per the report, the proposed plan is expected to give Fraser more direct control over the operations.

As per the report, the transaction will be the bank's most significant shake-up of its corporate structure in nearly 15 years.

The move follows the bank's announcement of the departure of Paco Ybarra, ICG head, by the middle of next year.

The report noted that no final decision had been made and that the plan is one of several options under consideration.

Price Action: Citigroup shares are trading higher by 0.33% at $42.39 premarket on the last check Monday.