Vikram Pandit said an internal memo on March 5 that he planned to ``reengineer businesses to more directly address the needs of our clients.'' The review is scheduled to be completed in May.
Citigroup said it would set up an independent credit-card unit and overhaul consumer banking along geographical lines.
The bank said it has reorganized its consumer group into two global businesses - a consumer banking division and a global cards unit.
Steven Freiberg, the current co-head of consumer banking, will run the card unit, which accounted for 62 percent of total consumer revenue last year.
The rest of the group, mainly bank branches and non-bank lending, will be led in the U.S. by Terri Dial, hired from Lloyds TSB Group PLC, and four regional chiefs outside the U.S.
Citigroup has 8,500 consumer branches, stretches across more than 100 countries and has more than 300,000 employees worldwide.
The announcement prompted some observers to speculate about a potential sale or public offering.
In a press release, Citi said the latest changes would allow the company to “focus its resources towards growth in emerging and developed markets and improve efficiencies throughout the company.”
Profit at Citigroup's consumer unit fell 35 percent last year to $7.87 billion as rising delinquencies on mortgages and auto loans forced the bank to set aside more reserves for losses.
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Go to Press Release from Citigroup »
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Citigroup said it would set up an independent credit-card unit and overhaul consumer banking along geographical lines.
The bank said it has reorganized its consumer group into two global businesses - a consumer banking division and a global cards unit.
Steven Freiberg, the current co-head of consumer banking, will run the card unit, which accounted for 62 percent of total consumer revenue last year.
The rest of the group, mainly bank branches and non-bank lending, will be led in the U.S. by Terri Dial, hired from Lloyds TSB Group PLC, and four regional chiefs outside the U.S.
Citigroup has 8,500 consumer branches, stretches across more than 100 countries and has more than 300,000 employees worldwide.
The announcement prompted some observers to speculate about a potential sale or public offering.
In a press release, Citi said the latest changes would allow the company to “focus its resources towards growth in emerging and developed markets and improve efficiencies throughout the company.”
Profit at Citigroup's consumer unit fell 35 percent last year to $7.87 billion as rising delinquencies on mortgages and auto loans forced the bank to set aside more reserves for losses.
Go to Article from Bloomberg News »
Go to Press Release from Citigroup »
Go to Item from Fortune.com »
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