Citigroup in New York announced a major reorganization designed to streamline management layers and hasten decisions.
The $2.4 trillion-asset Citi will be divided into five main business lines that will report directly to Jane Fraser, the company’s CEO. The divisions are services (treasury and custody work), markets, banking (investment banking and commercial/corporate banking), wealth and U.S. personal banking.
Previously, the company had two divisions focused on consumer and big institutional clients.
“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,” Fraser said in a press release.
Citi also said that leadership of its markets outside North America were consolidated under Ernesto Torres Cantú, head of international. Citi also said that David Livingstone had become its chief client officer.
The reorganization will reportedly involve an undisclosed number of layoffs.