Citigroup announced changes in its technology and services divisions. Chief executive Jane Fraser aims to simplify the bank’s structure and focus on more profitable business areas. Amid the reorganization, two key executives will be leaving the bank.
The sprawling Citigroup is no stranger to restructuring since Chief Executive Jane Fraser took the helm of the World Bank in 2021.
The company recently announced changes internally to two key divisions: its technology division, which powers the banking giant, and its services business. The latter helps customers manage and move money globally, and Fraser calls it the bank’s “crown jewel.”
Fraser inherited a bank with regulatory issues and outdated technology that lagged behind other well-known peers. Since then, she has sold businesses, announced layoffs in thousands of positions and brought in top executives to help revitalize areas such as technology, wealth and investment banking.
“You’ll see that we’re making very tangible progress in executing the strategy we laid out at our investor day three years ago,” Fraser said on a conference call with analysts last week. Ta. “Since then, we have significantly simplified the company.”
Citi’s head of technology, Tim Ryan, and head of services, Shamir Khaliq, sent a memo on Monday announcing the change, Business Insider confirmed. Below are the changes announced by each executive and their reasons.
technology reorganization
In a memo to the bank’s technology and business enablement employees, Ryan wrote that the bank is working to keep pace with rapid technology change and “position Citi as a top destination for engineering talent.” He said he was reconsidering his team.
A leadership shakeup will also lead to a move across the team to better align with the company’s mission. Mr. Ryan said he would contact them soon.
Tim Ryan joined Citi as head of technology in mid-2024. Provided by City
“I know this organization has been through a lot over the past 18 months,” Ryan said. “I want you to know that I am making these changes to secure the future of the City and, in doing so, create opportunities. This is the big picture I want.”
Mr Ryan said he had been evaluating the technology team’s weaknesses and strengths since joining accounting firm PwC last June from its top job in the US.
The leadership change follows last Thursday’s news that Shadman Zafar, the bank’s co-chief information officer, would be stepping down.
Jonathan Lofthouse will now be the sole chief information officer, with his team responsible for all business technology and a “relentless focus” on accelerating the modernization and simplification of the bank’s technology stack, according to the memo. I will,” he added.
Other changes to the lineup include:
Al Tarasiuk, chief information security officer, will be responsible for infrastructure services, which will be responsible for overseeing technology infrastructure in addition to security. Julien Courbe joins Citi from PwC as Head of Functional and Corporate Transformation. His team will be responsible for functional, risk and financial technology. David Griffiths has been appointed Chief Technology Officer and Head of Emerging Technologies and Strategic Partnerships. He will work across the organization to deliver and integrate the company’s technology tools. “Leveraging our unparalleled access to the world’s best technology, we will ensure Citi stays ahead of the future,” Ryan said. Mr. Griffiths previously served as head of engineering and architecture, and Anne Baron DiCamillo will take on the newly created role of head of technology optimization and risk reduction. She will focus on making Citi’s software consistent and simple across the business. She previously served as Global Head of Cyber Operations.
service shuffle
Last summer, Citi spent an entire day talking to investors about one of its oldest businesses: services.
The business is being restructured and a 35-year Citi veteran and key leader within the division is retiring. Services is one of the bank’s five key business areas and is central to Fraser’s turnaround strategy. This is considered a unique business that can be leveraged for further revenue growth.
In a memo to employees, Halik said Okan Pekin, global head of securities services, has decided to leave the bank and pursue new opportunities. Pekin will remain at City until the end of March as a member of the service management team.
Okan Pekin attended Citi’s Services Investor Day in June. city
His division works with investment managers and issuers of debt and equity, with two business areas: Issuer Services and Investor Services. In a separate note, Khaliq said investor services include custody, treasury services and execution services. The company is looking for a new head of investor services
Mr. Pekin has led Citi’s asset manager services since 2013. Under his leadership, he restructured the business, won multiple client mandates and built Citi’s ETF business.
He joined the company in 1989. During his time at Citi, he led sales for Citi’s Europe, Middle East and Africa markets division and helped Citi become a leader in the foreign exchange business.
Citi Services’ business areas also include payments, liquidity management services, and trade and working capital solutions.
Artie Ambrose, Citi’s head of treasury and trade solutions, will take on an expanded role as head of operations for the services division.
Khaliq said the division’s structure would “continue to evolve” and that the bank’s share would increase further once Beijing’s successor was appointed.
“We believe these changes will drive our continued momentum as a company and open up greater mobility opportunities for our talent across our various businesses,” he said.
