The new structure boosts the executives of Citigroup’s five businesses while eliminating management levels, resulting in faster decision making, greater oversight, and a stronger focus on clients.
Streamlining the organisation will also help the firm’s key priority, Citi’s Transformation, to move forward.
Citi CEO Jane Fraser expressed: “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. 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’s following steps:
Each of Citi’s five connected businesses will now have a CEO that they directly report to, and they will all be a part of the executive management team. This will increase responsibility and give them more power over Citi’s strategy and execution.
- Shahmir Khaliq, services
- Andrew Morton, markets
- Peter Babej, banking (interim)
- Andy Sieg, wealth (beginning September 27)
- Gonzalo Luchetti, U.S. personal banking
Additionally, this will improve transparency for investors into Citi’s main operations.
Citigroup geographic management
It will concentrate on local market customer coverage, service delivery, and legal entity management.
Ernesto Torres Cantu, head of international, is in charge for overseeing the firm’s geographies outside of North America.
Under a smaller organisation, a common management team will oversee both Banking and International, enhancing connection for clients throughout Citi.
A fresh founded client organisation is in place for improving client engagement and experience throughout the bank’s global network and companies.
David Livingstone, the firm’s chief client Officer, will manage this division.
For its five interconnected businesses, Citi has been implementing a concentrated approach.
In addition, it has also made important strides towards completing its consumer franchises outside of the United States and enhancing its risk management and controls.
With immediate effect, the new executive management team consists of:
- 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 revamped model will centralise the bank in several ways.