Citi Aligns Organizational Structure With Its Strategy and Simplifies Operating Model
- None.
- None.
Leaders of Citi’s five businesses to report directly to the CEO
Delivery of Citi’s global network enhanced through streamlined geographic structure
New Client organization to strengthen client delivery across all lines of business
“I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders,” said Citi CEO Jane Fraser. “These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our Transformation.”
Citi is taking the following actions:
- The leaders of each of Citi’s five interconnected businesses will now report directly to the CEO and be members of the Executive Management Team. This will allow them to have greater influence on Citi’s strategy and execution, while enhancing accountability. This will also give our investors greater transparency into our core businesses. These five business leaders are:
- Shahmir Khaliq, Services1
- Andrew Morton, Markets
- Peter Babej, Banking2 (interim)
- Andy Sieg, Wealth (beginning September 27)
-
Gonzalo Luchetti,
U.S. Personal Banking
-
Leadership of the firm’s geographies outside of
North America is now consolidated under Ernesto Torres Cantú, Head of International. The scope of Citi’s geographic management will narrow to local-market client coverage and delivery, and legal entity management. Banking and International will share a common management team, creating greater connectivity across Citi for clients under a leaner structure.
- A newly-created Client organization is now responsible for strengthening client engagement and experience across the bank’s global network and businesses. David Livingstone will lead this group and become the firm’s Chief Client Officer.
Over the past three years, Citi has implemented a strategy to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market. Today’s announcement is the next logical step in Citi’s work to implement the plan it presented at its 2022 Investor Day and deliver its medium-term targets. Citi has been executing a focused strategy for its five interconnected businesses, made rapid progress on exiting its consumer franchises outside
Effective immediately, the new Executive Management Team includes:
- Jane Fraser – Chief Executive Officer
- Peter Babej – Interim Head of Banking; Chairman of Banking
- Titi Cole – Head of Legacy Franchises
- Nadir Darrah – Chief Auditor
-
Sunil Garg – CEO of Citibank, N.A. and Head of
North America - Shahmir Khaliq – Head of Services
- David Livingstone – Chief Client Officer
-
Gonzalo Luchetti – Head of
U.S. Personal Banking - Mark Mason – Chief Financial Officer
- Brent McIntosh – Chief Legal Officer and Corporate Secretary
- Andrew Morton – Head of Markets
- Anand Selvakesari – Chief Operating Officer
- Andy Sieg – Head of Wealth (beginning September 27)
- Edward Skyler – Head of Enterprise Services & Public Affairs
- Ernesto Torres Cantú – Head of International
- Zdenek Turek – Chief Risk Officer
- Sara Wechter – Chief Human Resources Officer
- Mike Whitaker – Head of Operations & Technology
- Paco Ybarra – Senior Advisor
The new model will simplify the bank in a number of ways, including eliminating the Personal Banking & Wealth Management and Institutional Clients Group management layers, as well as the existing regional layers in
Jane Fraser will join Citi CFO Mark Mason at 10:30 a.m. EDT today at Barclays’ Global Financial Services Conference, where they will discuss the impact of and timeline for these changes. A live audio webcast will be available at www.citigroup.com under Investors, Events and Presentations.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of
Additional information may be found at www.citigroup.com | Twitter: @Citi | LinkedIn:www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: uncertainties and other challenges associated with Citi’s execution against its transformation, simplification and other strategic initiatives, including, among others, achieving expense savings and consummation of its remaining international consumer market exits; macroeconomic, geopolitical and other challenges and uncertainties, including further increases in interest rates; revisions to the
1 Services comprises Treasury and Trade Solutions, Securities Services
2 Banking comprises Investment Banking, Corporate Banking, Commercial Banking
View source version on businesswire.com: https://www.businesswire.com/news/home/20230913330049/en/
Media Contact:
Jennifer Lowney
212 793 3141
jennifer.lowney@citi.com
Investor Contact:
Jennifer Landis
212 559 2718
jennifer.am.landis@citi.com
Source: Citi