Citigroup Announces Structural Changes to Simplify Operations
[ad_1]
The American Citigroup will change the organizational model and highlight five business areas, should from a company press release.
The transformation is being carried out in accordance with Citigroup’s business strategy; the changes should simplify the bank’s work, the company emphasized.
“The new, flatter structure elevates the leadership of Citi’s five divisions and eliminates management layers, which will speed decision-making, strengthen accountability and enhance customer focus,” it said. The changes will increase accountability for customer service, according to CEO Jane Fraser.
The new structure increases the level of line managers, all of whom will report directly to the CEO. The system of international offices will also change; they will be accountable to the head of the relevant department.
On October 14, 2022, Citi announced that it would cease providing virtually all services in Russia for corporate clients by the end of the first quarter of 2023. The company later announced that, as part of reducing its presence in Russia, it would be winding down its retail business and on work with Russian small and medium-sized enterprises, she also announced the sale of a portfolio of ruble consumer loans from clients of JSC CB Citibank to the Russian Uralsib.
[ad_2]
Source link
