Citigroup is working on a plan that would shift its equity research operations into its institutional securities business, reversing a reform implemented this decade amid regulatory scrutiny of Wall Street conflicts of interest.

Details of the overhaul, which could be announced in weeks, were not finalised and could change, people close to the situation said. However, under the current plan, Citigroup would create one unit for analysts from across its sprawling operations in the hope of cutting costs and serving clients more efficiently.