Citigroup Inc is planning to split the operations and technology functions of its unit, Institutional Clients Group, which contributed about 63% of the Wall Street bank's total third-quarter revenue.
The reorganization plan for the unit that houses banking, markets, securities services among others was shared by the bank in an internal memo by unit Chief Executive Paco Ybarra on Wednesday. A Citi spokesperson confirmed the content in the memo when contacted by Reuters.
The operations and technology teams "will continue to work closely with our businesses to develop innovative solutions that make it simpler for our clients to work with us," Ybarra said in the memo.
Stuart Riley, who currently heads the operations and technology units at ICG, will now only manage the technology team. Allison Szmulewicz, who was leading the unit's Latin American operations and technology functions, will now serve as the interim operations chief.
(Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.