Friday September 22, 2023

Citigroup’s business heads in revamped structure

Morton runs the bank’s trading division and he previously led its G10 rates and financing businesses

By Agencies
September 15, 2023
A logo of Citi Group can be seen in this picture. — AFP/File
A logo of Citi Group can be seen in this picture. — AFP/File

ISLAMABAD: Citigroup has announced a major reorganization on Wednesday that trims management layers, giving CEO Jane Fraser more direct oversight over its businesses as she aims to boost its profit and share price.

These are the leaders of the bank’s five core businesses, who will now report directly to Fraser: A three decade-veteran of Citi, Shahmir Khaliq leads the bank’s services unit. He is an alumunus of the London Business School and the London School of Economics. In 2021, he became the global head of Citi’s treasury and trade solutions arm. Fraser calls the business a “jewel in the crown” and told investors at a conference on Wednesday Khaliq had “a proven track record of being the best in the industry.”

Morton runs the bank’s trading division. He previously led its G10 rates and financing businesses. Morton started out as an academic in mathematical finance. He co-authored the literature behind the Heath-Jarrow-Morton Model on bond pricing. Before joining Citi in 2008, Morton spent 15 years with Lehman Brothers, where he held several roles including the global head of fixed income. Fraser said Morton was “a very well-respected leader in the industry and amongst our most demanding of clients.”

Peter Babej, Banking (Interim): The interim head of banking was previously the CEO of Citi Asia Pacific, a role in which he helped expand its institutional and wealth management businesses across the region. He also played a key role in selling overseas consumer businesses as part of Citi’s efforts to simplify. Babej previously worked at Deutsche Bank (DBKGn.DE) and Lazard (LAZ.N) before joining Citi.

Andy Sieg, Wealth: The incoming head of Citi’s wealth management unit starts on Sept 27, after running Bank of America’s powerhouse Merrill Lynch Wealth Management division since 2017. “We’re very confident that he is going to be able to really drive the scaling up and realizing that full potential,” Fraser said.

Gonzalo Luchetti, US personal Banking: Luchetti leads the unit that houses Citi’s consumer and credit card businesses.

He was previously the head of the consumer bank in Asia and Europe, Middle East and Africa. Fraser said he is “very digital savvy.” Before joining the bank in 2006, he worked at JPMorgan Chase (JPM.N) and Bain & Company.