NEW YORK--(BUSINESS WIRE)--Citi today announced significant changes to its organizational model that will fully align its management structure with its business strategy and simplify the bank. The new, flatter structure elevates the leaders of Citi’s five businesses and eliminates management layers, which will speed up decision making, drive increased accountability and strengthen the focus on clients. Simplifying the organization will also advance the execution of Citi’s Transformation, the firm’s top priority.
“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 the United States, and continues to strengthen its risk management and controls.
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 Asia Pacific, Europe, Middle East and Africa, and Latin America. As Citi swiftly transitions to this new model, the firm is committed to retaining top talent and supporting employees who are leaving the company.
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.
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 the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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 U.S. Basel III rules, including the recently issued notice of proposed rulemaking, known as the Basel III Endgame; potential increased regulatory, compliance and other requirements and costs; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities Exchange and Commission, including without limitation the “Risk Factors” section of Citigroup’s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
1 Services comprises Treasury and Trade Solutions, Securities Services
2 Banking comprises Investment Banking, Corporate Banking, Commercial Banking