Citigroup head Vikram Pandit’s reorganisation missive has arrived…
Dear Citi Colleagues,
By now you’ve had some time to learn more about our plan to reduce our balance sheet and simplify our organization. The realignment we announced on January 16th will give Citi the widest range of options going forward as we continue to strengthen our core franchise. You can learn more about it at: (link)
We’ve made quick progress on this reorganization and I thank you for all of the hard work that has already been done.
To ensure our success, we need the right people in charge who will be accountable for the performance of theirbusiness. I’m pleased to announce some of the members of the leadership team who will be directly responsible for driving and managing excellence in each of these
business units around the world.
Citicorp
Citicorp, our global bank for businesses and consumers, has two primary businesses: the Global Institutional Bank serving corporate, institutional, public sector and private banking clients; and our regional consumer banks which provides traditional banking services, including our industry-leading branded cards as well as small commercial banking. With its strong presence in the fastest-growing areas of the world, Citicorp has unique competitive advantages that allow us to serve our customers better than our competitors.
* John Havens will lead our Global Institutional Bank. John was previously CEO of the Institutional Clients Group, and Chairman and CEO of Citi Alternative Investments.
The current heads of the regional consumer and commercial banking franchises in the U.S., Asia, Latin America, Central and Eastern Europe, and the Middle East will remain in place and assume responsibility for our credit card businesses in their regions. They are:
* Terri Dial, Global Head of Consumer Strategy and CEO of Consumer Banking in North America. George Awad is leading our North America credit card business and reporting to Terri. Ed Eger, in his role as global card coordinator, will also report to Terri.
* Ajay Banga, CEO, Citigroup Asia-Pacific.
* Manuel Medina-Mora, CEO, Citigroup Latin America and Mexico.
* William Mills, CEO, Citigroup Western Europe, Middle East and Africa; Shirish Apte, CEO, Citigroup Central and Eastern Europe.
Citi Holdings
Citi Holdings has three primary businesses: brokerage and asset management, local consumer, and a special asset pool. Many of the businesses are profitable and healthy but do not sufficiently enhance the capabilities of Citi’s core business. With strong, dedicated management, Citi Holdings will tighten its focus on risk management and credit quality as it builds value in these businesses.
* Mike Corbat will serve as interim CEO until we appoint a permanent chief executive. Mike will also be serving as the head of the brokerage and asset management unit of Citi Holdings. He most recently served as the CEO of Citi’s Global Wealth Management unit.
* Steve Freiberg will oversee the Consumer Businesses. Most recently, Steve has been Chief Executive Officer of Global Cards. From 2005 until
March 2008, Steve served as Chairman and Chief Executive Officer of Citigroup’s Global Consumer Group N.A. and Co-Chair of the Global Consumer Group.
* Rick Stuckey will run the Special Asset Pool. Rick is a seasoned portfolio manager and in his new position he’ll manage assets including
those covered by the loss-sharing agreement with the U.S. government parties in the ring-fenced portfolio.
Please join me in wishing the best success to this new team of leaders.
We’ve made great progress but we still have much work to do. I thank you for all that you have done, and will do, as we get Citi back on the path to profitability.
Vikram
Related links:
Veteran Citi directors to go in board shake-up – FT