Citi Names Terri Dial to Lead Strategy, US Consumer Banking
Vikram Pandit, Citi's Chief Executive Officer, has announced what Citi is calling 'a comprehensive reorganization of Citi's structure to achieve greater client focus and connectivity, global product excellence, and clear accountability.' Citi has reorganized its consumer group into two global businesses – Consumer Banking and Global Cards. Teresa A. 'Terri' Dial has been named Global Head of Consumer Strategy and CEO of Consumer Banking in North America. Citi has also consolidated its United States and international credit card businesses into a single global business led by Steven Freiberg, CEO of Global Cards.
"Our new organizational model marks a further important step along the path we are pursuing to make Citi a simpler, leaner and more efficient organization that works collaboratively across the businesses and throughout the world to benefit clients and shareholders," said Mr. Pandit. "With this new structure, we reinforce our focus on clients by moving the decision-making process as close to clients as possible and assigning some of our strongest talent to lead the regional areas and global product groups."
As part of the reorganization, in order to drive efficiency and reduce costs, Citi will further centralize global functions, including finance, information technology (IT), legal, human resources, and branding. By centralizing these global functions, particularly IT, Citi will reduce unnecessary complexity, leverage its global scale, and accelerate innovation. Risk is already centralized.
The business reorganization reflects priorities outlined by Mr. Pandit, who has been conducting intensive business reviews since being named CEO, to drive greater cross-business collaboration; eliminate bureaucracy and create a nimbler, more client-focused organization; ensure strong risk management and capital resources; and drive cost and operational efficiencies to generate additional shareholder value.
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)