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Citigroup to split Institutional Clients Group’s ops, tech units -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of Citibank can be seen in Manhattan on the New York Stock Exchange’s trading floor, New York City (USA), August 3, 2021. REUTERS/Andrew Kelly

By Anirudh Saligrama

(Reuters) – Citigroup Inc (NYSE:), plans to separate the technology and operations functions of Institutional Clients Group. This unit contributed 63% to the Wall Street bank’s third quarter revenue.

Paco Ybarra shared with the bank the reorganization plans for the unit housing markets, banking and securities among other things in an internal memo. Citi spokesmen confirmed that the memo contained the information when Reuters contacted them.

The memo stated that the operations and technology departments “will continue working closely with our business to develop innovative solutions which make it easier for our clients work with us,” Ybarra wrote.

Stuart Riley is currently the head of ICG’s operations and technology departments. He will now be responsible for the technology team. Allison Szmulewicz will be the interim operations chief. She was responsible for the Latin American operations as well as technology functions.

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