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, Services 1
Andrew Morton, Markets
Peter Babej, Banking 2 (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.