WASHINGTON (dpa-AFX) - Citi (C) Monday announced a new, flatter management structure, eliminating management layers. The bank said it will eliminate 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.
The impact and timeline of management changes will be discussed by CEO Jane Frazer at Barclays' Global Financial Services Conference.
The highlight of the changes is that five business leaders Shahmir Khaliq of Services, Andrew Morton of Markets, Peter Babej of Banking (interim), Andy Sieg of Wealth, and Gonzalo Luchetti of U.S. Personal Banking will report directly to the CEO and be members of the Executive Management Team.
The leadership of geographies outside of North America will be led by Ernesto Torres Cantú, Head of International. Its geographic management will narrow to local-market client coverage and delivery, and legal entity management. Banking and International will share a common management team.
David Livingstone will lead the newly created Client organization and he will serve as Citi's Chief Client Officer.
The bank claimed that the restructuring will eliminate unnecessary complexity across the bank, increase accountability for delivering client service.
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