Citi unveiled changes to its organization model, introducing a new, flatter structure that elevates the leaders of five businesses and eliminates management layers with the goal of accelerating decision making, increasing accountability and strengthening client focus.
“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,” Jane Fraser, CEO of Citi, said. “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.”
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. These five business leaders are:
- Shahmir Khaliq, Services
- Andrew Morton, Markets
- Peter Babej, Banking (interim)
- Andy Sieg, Wealth (beginning Sept. 27)
- Gonzalo Luchetti, U.S. Personal Banking
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Leadership of the firm’s geographies outside of North America will now be 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. The banking and international units will share a common management team.
Citi also created a new client organization that 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.
Following these and other changes, effective immediately, Citi’s new executive management team includes:
- Jane Fraser – CEO
- Peter Babej – Interim Head of Banking; Chairman of Banking
- Titi Cole – Head of Legacy Franchises
- Nadir Darrah – Chief Auditor
- Sunil Garg – CEO of Citibank 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 – CFO
- Brent McIntosh – Chief Legal Officer and Corporate Secretary
- Andrew Morton – Head of Markets
- Anand Selvakesari – Chief Operating Officer
- Andy Sieg – Head of Wealth (beginning Sept. 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
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The new model will simplify the bank in multiple ways, including eliminating the personal banking and wealth management and institutional clients group management layers, as well as the existing regional layers in the Asia Pacific, Europe, Middle East and Africa, and Latin America regions.
