Citi Appoints Co-CIOs as Major Restructure Advances
(3 October 2023 – United States) Citi’s extensive executive leadership restructure has resulted in two CIOs overseeing the group’s ambitious digital transformation plans, Shadman Zafar and Stuart Riley.
Citi is seeking to actively reduce its reliance on external consultants through internal technology and efficiency investment according to Citi CFO Mark Mason. The move is focused on ultimately slashing infrastructure budgets with Citi’s operational costs set to surpass US$54 billion in full year 2023.
Riley was previously Institutional Client Group (ICG) Global Head and Zafar was previously Personal Banking & Wealth Management CIO. The Co-CIOs will oversee one of the largest technology, digital and innovation budgets in the financial services sector globally.
“This is the most consequential change to how Citi will be organised in 20 years. We will focus on simplifying how we work. We're going to significantly eliminate a lot of the duplicative and excessive governance and management processes that we've got. We have taken tough decisions here. They are not going to be universally popular within our bank. It's going to make some of our people very uncomfortable. I am absolutely fine with that” commented Citi CEO Jane Fraser.