Atlas Mara’s CEO John Vitalo has stepped down from his position and from the company’s board, after the group has announced plans to significantly reduce $20m operating expense and staff cost.

Vitalo, who was the first CEO of Atlas Mara since inception in 2013, stepped down on Wednesday, February 15.

A successor will be appointed in due course, the firm said in a statement.

Vitalo joined Atlas Mara from Barclays, where he was CEO, Middle East & North Africa since May 2009.

In that role he was responsible for all aspects of the company’s activity in the region, including wealth management, retail and business banking, investment and corporate banking and infrastructure.

His previous roles at the company included CEO of Absa Capital – where he built Absa Capital into an award winning investment bank – and COO of Global Markets and COO of Emerging Markets for Barclays Capital.

The firm slid into a loss in the third quarter of 2016 and recently announced the departure of its Chairman Arnold Ekpe.

The African banking group has also announced a reorganisation, splitting itself into three units - commercial and retail banking, fintech, and markets and treasury.

Sanjeev Anand will become group managing director for retail and commercial banking; Mike Christelis will lead markets and treasury; and Chidi Okpala will take role of group managing director for fintech.

To seed its fintech and global markets business, the group successfully closed an oversubscribed equity raise via share placing.

Atlas Mara had raised almost $13.5m, over 90% of which was from existing shareholders.

Atlas Mara expects its 2016 full year earnings to be broadly in line with market expectations.