Citigroup Org Chart Report in 2024 | Key Insights & Actionable Intelligence
Citigroup Org Chart Report in 2024
Citigroup Inc.
NYSE: C
388 Greenwich Street
New York, NY 10013
United States
Main Phone: (212) 559-1000
Website: https://www.citigroup.com
Industry: Financial Services, Banks—Diversified
Full Time Employees: 240,000
Annual Revenues: $71.36 Billion
Fiscal Year End: Dec 31, 2023
CEO: Jane Fraser
Fortune 500 Rank: #36 (2023)
What are Citigroup's main business segments?
Who serves on Citigroup's Board of Directors?
Who are the executive leaders at the top of the Citigroup org chart?
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What is the difference between Citigroup and Citi?
Citigroup, commonly known as Citi, is a global financial services conglomerate. Its organizational structure is typically hierarchical and segmented into several key divisions and units, each responsible for specific functions and operations. Here is a general overview of the typical Citigroup organizational structure:
Office of the CEO (Chief Executive Officer): At the top of the hierarchy is the CEO, in this case, Jane Fraser. The CEO is responsible for setting the overall strategic direction of the company and overseeing its operations.
Senior Leadership Team: Reporting directly to the CEO, the senior leadership team includes top executives responsible for various critical areas of the business, such as the Chief Financial Officer (CFO), Chief Operating Officer (COO), Chief Risk Officer (CRO), and other key roles. These executives play a vital role in executing the CEO's vision and managing the company's day-to-day operations.
Business Segments: Citigroup typically divides its operations into several core business segments, which may include:
Consumer Banking: This segment focuses on retail banking services, including checking and savings accounts, credit cards, mortgages, and personal loans.
Institutional Clients Group (ICG): ICG serves institutional clients, including corporations, governments, and financial institutions. It encompasses various divisions, such as investment banking, capital markets, and treasury and trade solutions.
Global Wealth Management: This segment manages wealth and investment services for high-net-worth individuals and institutions.
Geographic Regions: Citigroup operates globally, and its structure often includes regional divisions responsible for specific geographic areas, such as North America, Europe, Asia, and Latin America. Each regional division may have its management team overseeing operations in that particular region.
Support Functions: Citigroup also has support functions that are critical to its overall operations. These may include Human Resources, Legal and Compliance, Technology, Risk Management, and Finance, among others.
Board of Directors: The Board of Directors is responsible for overseeing the company's governance and ensuring that it operates in the best interests of its shareholders. The CEO typically reports to the board.
Subsidiaries and Affiliates: Citigroup may own various subsidiaries and affiliates that specialize in different financial services or operate in specific markets. These entities often have their own management teams.
It's important to note that Citigroup's organizational structure may evolve over time in response to changes in the financial industry, regulatory requirements, and strategic goals.
Who are the executive decision-makers at Citigroup?
| NAME | TITLE | COMPANY | PHONE | |
| Jane Fraser | Chief Executive Officer, Citi | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Tom Anderson | Chief Compliance Officer | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Peter Babej | Chief Executive Officer | Asia Pacific | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Paco Ybarra | Chief Executive Officer | Institutional Clients Group | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Ernesto Torres Cantu | Chief Executive Officer | Latin America | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Titi Cole | Chief Executive Officer | Legacy Franchises | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Manuel Romo | Chief Executive Officer Citibanamex | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Jim O’Donnell | Chief Executive Officer, Citi Global Wealth | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Sunil Garg | Chief Executive Officer, Citibank, N.A. & North America | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| David Livingstone | Chief Executive Officer, Europe, Middle East & Africa | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Mark Mason | Chief Financial Officer | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Margo Pilic | Chief of Staff | Office of the CEO | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Anand Selvakesari | Chief Operating Officer | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Zdenek Turek | Chief Risk Officer | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Edward Skyler | Executive Vice President | Enterprise Services and Public Affairs | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Brent McIntosh | General Counsel & Corporate Secretary | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Tyler Dickson | Global Co-Head of Banking, Capital Markets and Advisory | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Manuel Falco | Global Co-Head of Banking, Capital Markets and Advisory | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Jessica Roos | Global Head of Business Services | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Andrew Morton | Global Head of Markets | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Shahmir Khaliq | Global Head of Treasury and Trade Solutions | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Mike Whitaker | Head of Enterprise Operations and Technology | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Sara Wechter | Head of Human Resources, Citi | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Gonzalo Luchetti | Head of U.S. Personal Banking | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Michael Verdeschi | Treasurer | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
| Nadir Darrah | Chief Auditor | Citigroup | (212) 559-1000 | [first].[last]@citi.com |
Who was elected to the Citigroup Board of Directors in 2024?
| NAME | TITLE | COMPANY | PHONE | AFFILIATION | |
| John C. Dugan | Chair, Citigroup Inc. | Citigroup | (212) 559-1000 | [first].[last]@citi.com | |
| Jane Fraser | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Chief Executive Officer, Citi |
| Duncan P. Hennes | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Co-Founder and Partner of Atrevida Partners, LLC |
| S. Leslie Ireland | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former Assistant Secretary for Intelligence and Analysis, U.S. Department of the Treasury, and National Intelligence Manager for Threat Finance, Office of the Director of National Intelligence |
| James S. Turley | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former Chairman and CEO, Ernst & Young |
| Barbara Desoer | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former Chief Executive Officer, Citibank, N.A. |
| Ellen M. Costello | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former President and CEO, BMO Financial Corporation | Former U.S. Country Head, BMO Financial Group |
| Grace E. Dailey | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner, Office of the Comptroller of the Currency (OCC) |
| Diana L. Taylor | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former Superintendent of Banks, State of New York |
| Casper W. von Koskull | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Former, President and Group Chief Executive Officer, Nordea Bank Abp |
| Renée J. James | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Founder, Chair and CEO, Ampere Computing |
| Gary M. Reiner | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Operating Partner, General Atlantic LLC |
| Peter Blair Henry | Board Member | Citigroup | (212) 559-1000 | [first].[last]@citi.com | Stanford University: Class of 1984 Senior Fellow, Hoover Institution; Senior Fellow, Freeman Spogli Institute for International Studies |
Who is the Chief Executive Officer at Citigroup in 2024?
Jane Fraser holds the esteemed position of Chief Executive Officer at Citi, a renowned global financial institution that operates in nearly 160 countries and jurisdictions, serving a vast array of consumers, businesses, and institutions. Jane's historic appointment as the first female CEO in the firm's history took place in March 2021.
Since assuming the role of CEO, Jane has initiated a comprehensive, multi-year strategy aimed at enhancing Citi's profitability and ensuring its readiness to navigate the challenges and opportunities presented by the digital age. This transformative effort encompasses the modernization of Citi's risk and controls infrastructure, a relentless pursuit of operational excellence, and substantial investments in cultivating a forward-thinking corporate culture. Jane's unwavering commitment revolves around elevating Citi to the status of the premier banking partner for institutions with cross-border requirements, solidifying its global leadership in wealth management, and reinforcing its position as a valued personal banking institution in its home market, the United States.
Jane's impressive 19-year tenure at Citi has seen her hold pivotal leadership roles spanning across the spectrum of the company's consumer and institutional businesses. Before ascending to the role of CEO, she served as the President of Citi and CEO of the Global Consumer Bank, overseeing all consumer operations in 19 markets. Her leadership prowess was particularly evident during her role in steering the firm's response to the challenges posed by the COVID-19 pandemic, a commitment she has continued in her current capacity as CEO.
Jane's journey with Citi began in 2004 when she joined the Corporate and Investment Banking division. Over the years, she assumed various leadership roles, including Global Head of Strategy and Mergers & Acquisitions from 2007 to 2009, CEO of Citi's Global Private Bank from 2009 to 2013, CEO of Citi Mortgage from 2013 to 2014, CEO of the U.S. Consumer and Commercial Bank and Global Mortgages from 2014 to 2015, and CEO of Citigroup Latin America from 2015 to 2019.
Before embarking on her journey with Citi, Jane honed her skills as a Partner at McKinsey & Company. Her career began at Goldman Sachs in London, where she worked in the Mergers & Acquisitions department, before later joining Asesores Bursátiles in Madrid.
In addition to her role at Citi, Jane actively contributes to various boards and organizations. She serves as a member of the Board of Directors of the Business Roundtable and the Council on Foreign Relations. Furthermore, she holds the position of Vice Chair for the Partnership for New York City and the Financial Services Forum. Jane is also a valued member of the Monetary Authority of Singapore's International Advisory Panel, Harvard Business School's Board of Dean's Advisors, the Stanford Global Advisory Board, the Economic Club of New York, and President Biden's Export Council. Jane boasts an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University. She is married and is a proud parent of two children.
Who is the Chief Information Officer (CIO) at Citigroup in 2024?
In November 2018, Mike Whitaker assumed the role of Head of Enterprise Operations & Technology at Citi, following a successful four-year tenure as the Head of Operations & Technology for Citi's Institutional Clients Group (ICG).
Mike's journey with Citi began in October 2009 when he joined as the Head of Markets Technology. Since then, his career at Citi has seen him take on various key roles, including serving as the Regional Chief Information Officer, leading ICG Technology, and, in February 2012, overseeing Securities & Banking Operations & Technology.
With a wealth of expertise spanning over four decades in both financial services and technology, Mike has a robust background that encompasses roles in interest rate derivatives trading, managing dealing rooms, pioneering electronic trading solutions, and holding senior leadership positions in technology.
Before his time at Citi, Mike made significant contributions to Deutsche Bank and Barclays Capital. At these institutions, his responsibilities encompassed the role of Chief Information Officer for Global Fixed Income, Global Equities & Prime Finance, eCommerce, and Algorithmic trading functions.
Mike's educational credentials include an M.Sc. in financial markets and derivatives.
Who is Citigroup's CFO in 2024?
In February 2019, Mark Mason assumed the role of Chief Financial Officer at Citi. His responsibilities encompass overseeing the financial aspects of the company, while also leading Citi's Expense Management and Citi Ventures Initiatives. Before his appointment as Citi's CFO, Mr. Mason served as the CFO of Citi's Institutional Clients Group (ICG) and played a pivotal role in managing Citi's Comprehensive Capital Analysis and Review (CCAR) submission process.
Mr. Mason's journey with Citi began in 2001, and during his tenure, he held various high-level positions in operations, strategy, and finance. These roles included serving as the CEO of Citi Private Bank, CEO of Citi Holdings, and the CFO and Head of Strategy and M&A for Citi's Global Wealth Management Division.
Prior to his tenure at Citi, Mr. Mason held the position of Director of Strategy and Business Development at Lucent Technologies. He also accumulated valuable experience as a Strategy Consultant at Marakon Associates, where he collaborated with numerous Fortune 100 companies to devise strategies aimed at enhancing shareholder value. Additionally, Mr. Mason has experience in investment banking from his time at Goldman, Sachs & Co.
Beyond his professional commitments, Mr. Mason dedicates his time as a Trustee of Howard University, his alma mater, where he earned a B.B.A. in finance with honors. He also holds an M.B.A. from Harvard Business School. Furthermore, he has served as a Director of Primerica, Inc. (NYSE: PRI).
Currently, Mr. Mason resides in New Jersey with his spouse and two children.
What are Citigroup's growth strategies in 2024?
Here are several key growth strategies that Citigroup will emphasize this year:
1) Global Wealth Management: This remains a substantial contributor to Citigroup's revenue and profits, with ongoing expansion efforts including:
• Targeting Affluent Clients: Expanding services and offerings tailored to high-net-worth individuals and families through specialized teams and personalized wealth management solutions.
• International Reach: Expanding into burgeoning wealth markets like China and Southeast Asia in response to growing wealth populations.
• Digital Advancements: Investments in digital platforms and tools to enhance client access to accounts and investments, alongside the provision of robo-advisory services.
2) Consumer Banking: Given its extensive customer base, Citigroup aims to:
• Cross-Sell Products: Encouraging existing customers to utilize a broader range of Citi products such as mortgages, credit cards, and insurance, leveraging personalized marketing and incentives.
• Digital Evolution: Enhancing online and mobile banking platforms to ensure a seamless and convenient user experience.
• Targeted Segmentation: Tailoring products and services for specific customer segments, including millennials and small businesses.
3) Investment Banking and Markets: In this competitive sector, Citigroup's priorities encompass:
• Transaction Banking: Expanding global transaction banking services to support multinational corporations and facilitate international trade.
• Capital Markets: Reinforcing advisory and underwriting capabilities for activities such as mergers and acquisitions and initial public offerings.
• Trading Enhancements: Investments in technology and data analytics to enhance trading performance across various asset classes.
4) Sustainability and Social Responsibility: Citigroup is increasingly committed to:
• Green Finance: Offering financial solutions for renewable energy projects and sustainable businesses.
• Community Development: Investing in initiatives addressing social and environmental challenges within its communities.
• Diversity and Inclusion: Striving for a more diverse and inclusive workforce while promoting fairness in lending practices.
5) Ongoing Efficiency and Risk Management:
• Operational Streamlining: Implementing cost-reduction measures and optimizing the global footprint to bolster profitability.
• Technology Investments: Automation of processes and harnessing data analytics to enhance efficiency and risk management.
• Cybersecurity Reinforcement: Increased investments in cybersecurity measures to safeguard systems and customer data.
Looking Forward:
Citigroup's growth strategies for 2024 revolve around leveraging its existing strengths, expanding into high-potential segments, and adapting to evolving market dynamics. With a robust brand, diversified revenue streams, a focus on digital innovation, and commitment to sustainability, Citigroup is well-positioned for sustained success in the years ahead.
However, it's crucial to acknowledge that the financial landscape constantly evolves, and Citigroup faces formidable competition from other major financial institutions. The economic landscape in 2024 will also play a pivotal role in determining the company's success.
Where can I find a Citigroup SWOT Analysis?
Citigroup's strategic success hinges on effectively leveraging its strengths, addressing weaknesses, capitalizing on opportunities, and navigating potential threats in the dynamic global financial landscape.
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STRENGTHS • Global Presence: Citigroup operates in numerous countries, establishing a strong international footprint and access to diverse markets. • Diverse Business Segments: It offers a wide range of financial services, including retail banking, investment banking, wealth management, and global transaction services. • Technological Innovation: Citigroup embraces advanced technologies such as AI, blockchain, and data analytics to enhance efficiency and customer experiences. • Strong Brand: It has a recognized and trusted brand, contributing to customer loyalty and attracting a broad client base. |
OPPORTUNITIES • Digital Banking Growth: The rise of digital banking presents opportunities to expand online services and reach new customer segments. • Emerging Markets: Expanding operations in emerging markets can tap into growing economies and untapped customer bases. • Sustainable Finance: Increasing demand for sustainable and responsible banking services provides a chance to develop eco-friendly financial products. • Mergers and Acquisitions: Strategic acquisitions can bolster Citigroup's market position and service offerings. |
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WEAKNESSES |
THREATS |
Is Citi planning to split up its commercial unit into 3 companies in 2024?
In the event of a potential restructuring within ICG, history reminds us that major Wall Street institutions have, on occasion, expanded their operational responsibilities from a few key pillars to a more diversified structure. For instance, in 2020, Wells Fargo underwent a transformation, dividing its wholesale banking division into two distinct units—one dedicated to commercial activities and the other focused on capital markets within the investment banking domain. Additionally, Wells Fargo restructured its consumer banking segment, establishing one unit with a primary emphasis on branch operations and small business services, while creating a separate arm dedicated solely to consumer lending. This strategic shift, as articulated by CEO Charlie Scharf at the time, aimed to enhance overall accountability throughout the organization.
Citi, too, has historically maintained a clear demarcation between its Institutional Clients Group (ICG) and its consumer-centric unit, encompassing retail banking, credit card operations, and wealth management. Notably, Citi had already been contemplating a separation of its wealth management arm from the consumer unit, entrusting this responsibility to Andy Sieg, the former Merrill Lynch executive slated to join Citi in October.
The consideration of a potential ICG restructuring—though highlighted by sources cited in the Financial Times—represents just one of several strategic avenues under contemplation. Such a move could potentially be interpreted as a means to diversify decision-making authority, granting a broader mandate to five senior executives instead of the existing three. In this scenario, instead of reporting directly to Ybarra, the heads of the various units would report directly to Fraser. This change might be perceived as either an increased involvement by Fraser in day-to-day operations or as a cost-cutting measure, as Fraser has previously indicated a willingness to streamline upper management layers.
What are Citigroup budgets in 2024?
Citigroup has unveiled its ambitious plan to allocate $54 billion in funding throughout 2023 to drive its ongoing transformation initiatives, which encompass comprehensive enhancements to data management, risk mitigation, and technology infrastructure. This major endeavor follows an incident in August 2020 when the bank inadvertently transferred $900 million to clients.
CFO Mark Mason, speaking during an earnings call on January 13, disclosed that approximately 25% of these allocated funds are earmarked for technology-related initiatives. This represents a 6% increase compared to the $51.3 billion Citigroup invested in similar initiatives in 2022.
In practical terms, this translates to an estimated technology budget of approximately $13.6 billion for Citigroup in 2023.
(Stuart Riley, who leads Citi's Technology and Operations division, provided insights in March 2022, highlighting that his $11 billion IT budget for the year was fairly evenly divided between activities designed to transform and enhance the bank and those required for its day-to-day operations. He also noted that around 25% of the bank's applications had been migrated to a containerized architecture, and they had processed approximately eight billion API calls through 300 APIs. Additionally, Citigroup employed roughly 30,000 software engineers, as discussed during an investor day event in early 2022.)
A comprehensive transformation initiative at Citigroup has mobilized a dedicated workforce of approximately 11,000 individuals, as outlined in the firm's Q4 investor presentation. Chief Administrative Officer Karen Peetz humorously acknowledged the initially manual nature of constructing an agile data architecture during a 2022 Investor Day event.
Citigroup's CFO, Mark Mason, emphasized, "As our investments in transformation and control initiatives mature, we anticipate achieving greater efficiency as these programs transition from labor-intensive processes to technology-enabled solutions. Ultimately, these efforts will enhance our overall operational efficiency.
What Citigroup technologies will be deployed internally in 2024?
Citigroup has harnessed a diverse array of cutting-edge technologies in its quest to enhance efficiency, security, and customer-centricity across its operations. Among the prominent technological innovations embraced by Citigroup, the following stand out:
Artificial Intelligence (AI): Citigroup leverages AI on multiple fronts, notably for fraud detection, risk management enhancement, and personalized customer experiences. For instance, AI-driven predictive models aid in the early identification of customers susceptible to fraud or loan default.
Blockchain: Citigroup is actively exploring the potential of blockchain technology to optimize the efficiency and security of its payment processing and back-office functions. One of its initiatives involves a blockchain-based platform aimed at streamlining cross-border payment settlements.
Cloud Computing: A significant migration of Citigroup's applications to the cloud has yielded cost reductions and scalability improvements. Notably, the Amazon Web Services (AWS) cloud platform hosts the company's customer relationship management (CRM) system, fostering operational agility.
Data Analytics: Citigroup harnesses data analytics to glean profound insights into customer preferences and requirements. This valuable knowledge fuels the development of innovative products, refined marketing campaigns, and elevated customer experiences. For example, data analytics enables Citigroup to identify potential customers interested in specific offerings, enabling precise and personalized marketing endeavors.
Citigroup's commitment to technological advancement extends to investments in emerging technologies like quantum computing and machine learning. The company envisions these innovations as potential game-changers within the financial industry.
Through its strategic deployment of technology, Citigroup has solidified its standing as one of the world's foremost innovative and efficient financial institutions. The organization remains steadfast in its dedication to ongoing investments in cutting-edge technologies, with the overarching goal of continual improvement in operational excellence and customer-centric service delivery.
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