Citi Eliminates Management Layers Through Changes To Organizational Model

(RTTNews) - Citi (C) announced significant changes to its organizational model, which elevates the leaders of five businesses and eliminates management layers. The leaders of each of the five interconnected businesses will now report directly to the CEO and be members of the Executive Management Team. These five business leaders are: Shahmir Khaliq, Services; Andrew Morton, Markets; Peter Babej, Banking, as interim; Andy Sieg, Wealth, beginning September 27; and Gonzalo Luchetti, U.S. Personal Banking.

Citi said the leadership of the geographies outside of North America is now consolidated under Ernesto Torres Cant, Head of International. A newly-created Client organization is now responsible for strengthening client engagement and experience across the bank's global network. David Livingstone will be appointed as Chief Client Officer.

Citi said the new model will simplify the bank in a number of ways, including eliminating 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.