Citi’s new wealth business leader will be one of five in new leadership structure

Wall Street banking group is simplifying its operating model and leadership structure.

Citi has announced a significant change to its organizational model and its management structure.

The move will see Andy Sieg, the firm’s new wealth business leader, take a seat on the executive management team along with the leaders of the firm’s other interconnected businesses. Sieg joins the firm on Sept. 27.

The five leaders — including Shahmir Khaliq (services), Andrew Morton (markets), Peter Babej (banking, interim), and Gonzalo Luchetti (U.S. personal banking) — will report directly to CEO Jane Fraser, who previously announced her intention to shake up the management structure.

“I am determined that our bank will deliver to our full potential, and we’re making bold decisions to meet our commitments to all our stakeholders,” Fraser said. “These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our transformation.”

The new model will eliminate the Personal Banking & Wealth Management and Institutional Clients Group management layers, as well as the existing regional layers in Asia Pacific, Europe, Middle East and Africa, and Latin America.

OTHER CHANGES

Other changes announced include consolidation of leadership of Citi’s geographies outside North America under Ernesto Torres Cantú, head of international.

Banking and International will share a common management team and there’s a new organization responsible for strengthening client engagement and experience across the bank’s global network and businesses under the leadership of David Livingstone as the firm’s chief client officer.