Asia revamp for Citigroup
(19 August 2008 – Asia) Citigroup has announced a restructure of its Asia Pacific business into four regions and seven product groupings.
The business reorganisation changes the structure under the new Asia chief executive officer, Ajay Banga, the first region wide chief executive for Citigroup.
The Asia business for Citigroup will be split geographically into the four regions of Japan, North Asia, South Asia and Southeast Asia Pacific.
For the first time for Citigroup, the regional heads will be responsible for all of Citigroup's business within those geographic areas.
The regional groupings will be supported by seven business groups. These are consumer banking and global cards, corporate and commercial banking, global transaction services, investment banking, markets, wealth management, and alternative investments.
Previously, Citigroup's Asia business was led by heads of its institutional clients group, global wealth management and consumer units.
Banga, who has been chief executive since March, said that the changes to the Asia Pacific organisation will strengthen partnership between geographies and businesses.
Under the reorganised structure, Doug Peterson will continue to run the Japan business. Stephen Bird will run North Asia and also continue to head consumer banking and global cards for all of Asia Pacific.
Sanjay Nayar will continue to lead South Asia and Piyush Gupta will head up Southeast Asia Pacific.
Of the seven business groups in the new structure, they are primarily made up of continuing appointments, while CEO Banga will also head up alternative investments.
The Asia business for Citigroup will be split geographically into the four regions of Japan, North Asia, South Asia and Southeast Asia Pacific.
For the first time for Citigroup, the regional heads will be responsible for all of Citigroup's business within those geographic areas.
The regional groupings will be supported by seven business groups. These are consumer banking and global cards, corporate and commercial banking, global transaction services, investment banking, markets, wealth management, and alternative investments.
Previously, Citigroup's Asia business was led by heads of its institutional clients group, global wealth management and consumer units.
Banga, who has been chief executive since March, said that the changes to the Asia Pacific organisation will strengthen partnership between geographies and businesses.
Under the reorganised structure, Doug Peterson will continue to run the Japan business. Stephen Bird will run North Asia and also continue to head consumer banking and global cards for all of Asia Pacific.
Sanjay Nayar will continue to lead South Asia and Piyush Gupta will head up Southeast Asia Pacific.
Of the seven business groups in the new structure, they are primarily made up of continuing appointments, while CEO Banga will also head up alternative investments.
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