Citigroup is considering splitting up the technical and operational functions of its Institutional Clients Group (ICG), which houses its markets, houses banking, and securities services among others.
The revamp of the group, which delivered around 63% of the lender’s total revenue in Q3 2021, was announced by Paco Ybarra in an internal memo, Reuters reported.
A spokesperson for Citi confirmed the content in the memo when contacted by the news agency.
According to the memo, the operations and technology teams ‘will continue to work closely’ with the businesses to develop innovative solutions that make it simpler for our clients to work with us’.
Citi has named Stuart Riley, who is now responsible for both operations and technology units, to head the technology team.
Allison Szmulewicz, who was in charge of the unit’s Latin American operations and technology functions, will act as the interim operations chief.
Earlier this week, Reuters reported that Citigroup is planning to create 100 new roles inside its institutional business, which is looking to grow business on the back of rising demand amongst the clients for cryptocurrency-related services.
The bank recently appointed Puneet Singhvi as head of blockchain and digital assets at its global markets operation as part of this strategy.
The new team, which is expected to include both internal as well as external recruitments, will be based in Citi’s locations in Singapore, New York, London, and Tel Aviv.
In April, South China Morning Post reported that Citi is planning to add up to 500 new employees to its Hong Kong wealth management arm as part of its ambitious plan to triple the clients under its wealth unit in the country and double its AUM by 2025.