Citigroup (C) is reducing its investment banking analyst program to two years from three to retain junior bankers amid competition from private equity firms, Bloomberg reported Monday.

According to the report, the move will accelerate junior bankers' path to greater responsibility and higher pay, while current third-year analysts will be promoted to associate Jan. 1, subject to performance.

The change will shorten Citi's analyst-to-vice president track to 5 1/2 years from 6 1/2 years, the report added.

Citigroup did not immediately respond to MT Newswires' request for comment.

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