Citigroup reorganizes business model to streamline operations [FOX Business Network]
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Source: FOX Business Network
Moving forward, Citi will divide into five interconnected businesses. The heads of each will become part of the company's executive management team, comprising 19 people, and report directly tor Fraser. CITIGROUP CEO SAYS BANKING SYSTEM ‘PRETTY SOUND' AFTER FAILURES OF SILICON VALLEY BANK, SIGNATURE BANK This reorganization essentially eliminates 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. By elevating the leaders of Citi's five businesses and eliminating management layers, the firm "will speed up decision-making, drive increased accountability and strengthen the focus on clients," according to Citi. It will also give each leader a "greater influence on Citi's strategy and execution" and enhance transparency for investors into Citi's core business, according to the financial institution. However, the changes will also res
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