Citi announces changes to its management structure in a bid to simplify its operating model

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In effect, the leaders of Citi’s five interconnected businesses will now report directly to the CEO and be members of the executive management team.

Citi has announced significant changes to its organisational model in what it calls a move to fully align its management structure with its business strategy and simplify the bank.

The new, flatter structure aims to elevates the leaders of Citi’s five businesses and eliminates management layers, which the bank said will, in turn, speed up decision making, drive increased accountability and strengthen the focus on clients. According to its statement, simplifying the organisation will also advance the execution of Citi’s transformation, which it cites as a top priority.

Citi CEO Jane Fraser shared: "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."

The move involves the following:

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. The bank stated that this will allow them to have greater influence on Citi’s strategy and execution, while enhancing accountability. Investors will also have greater transparency into the core businesses.

These five business leaders are:

• Shahmir Khaliq, Services 
• Andrew Morton, Markets
• Peter Babej, Banking (interim)
• Andy Sieg, Wealth (beginning 27 September)
• Gonzalo Luchetti, U.S. Personal Banking

At the same time, leadership of the firm’s geographies outside of North America is also now consolidated under Ernesto Torres Cantú, Head of International. The bank said: "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.

Lastly, a newly created Client organisation is now responsible for strengthening client engagement and experience across the bank’s global network and businesses, led by David Livingstone. Livingstone will also take on the role of the firm’s Chief Client Officer.

Over the past three years, Citi has implemented a strategy with cross-border needs, a global leader in wealth management and a valued personal bank in its home market. 

As the statement shared, this recent 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." 

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

Citi noted that 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 has reaffirmed its committed to retaining top talent and supporting employees who are leaving the company," the statement concluded.

On what these changes mean for the bank's operations in Singapore, a Citi spokesperson said in a statement to HRO: "The changes to our structure announced today are the next logical step to realise our strategy to be the preeminent banking partner for institutions with cross border needs and a global leader in wealth management."

The new organisational model, they added, will ensure strong coordination across Citi's global network with "accelerated decision making, increased accountability, and the dynamic delivery of Citi’s capabilities to clients."

"Singapore, where Citi has operated in for over 120 years, remains an important hub. Singapore will continue to offer Citi’s full breadth and depth of services to our clients including being one of four wealth hubs globally."

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