American financial services company Citi has announced that it will to realign into two businesses, Citicorp and Citi Holdings, to optimise the company’s global businesses for future profitable growth and opportunities. This structure is expected to enable Citi to focus on driving the performance of its core businesses and, separately, on realising value from non-core assets.
According to the company, Citicorp will focus on leveraging the advantages of the company’s global universal bank in more than 100 countries, and Citi Holdings, which will be made up of brokerage and retail asset management, local consumer finance and a special asset pool, will focus on managing risks and losses, and maximising the value of these assets.
Vikram Pandit, CEO of Citi, said: Given the economic and market environment, we have decided to accelerate the implementation of our strategy to focus on our core businesses. This will help in our ongoing efforts to reduce our balance sheet and simplify our organisation, which will enable us to better serve our clients and customers in both businesses without disruption.
Citi is a pre-eminent financial services company and was built to create a diversified financial services business that could act as one to offer services to clients throughout the world.
