New Organizational Structure for Citi Asia Pacific
Four geographic clusters supported by seven product groups
New structure to achieve greater client focus and product excellence
Citi Asia Pacific today announced a reorganization of its regional structure to achieve greater client focus, product excellence, and greater efficiencies.
Led by Mr. Ajay Banga, Chief Executive Officer of Citi Asia Pacific, the new structure divides Citi’s Asia Pacific region into four geographic clusters – Japan, North Asia, South Asia and South East Asia Pacific. The geographic clusters will be supported by seven product and coverage groups that are custom-tailored for the Asia Pacific region – Consumer Banking and Global Cards; Corporate and Commercial Bank; Global Transaction Services; Investment Banking; Markets; Wealth Management and Alternative Investments.
In the new organization, Shengman Zhang will continue as President, Citi Asia Pacific, reporting to Mr. Banga. Mr. Zhang will manage the Citi Country Officer network across the region on regulatory and senior client relations. Mr. Zhang remains the Citi Country Officer for Hong Kong.
Four Geographic Clusters
Each of Citi Asia Pacific’s four geographic clusters is led by a Chief Executive Officer, who will oversee all Citi businesses in the respective geographies, and report to Mr Banga:
* Doug Peterson will continue to lead Japan.
* Stephen Bird will lead North Asia comprising China, Hong Kong, Korea and Taiwan.
* Sanjay Nayar will continue to lead South Asia comprising Bangladesh, India and Sri Lanka.
* Piyush Gupta will lead South East Asia Pacific comprising Australia, New Zealand, Guam and the ASEAN countries of Indonesia, Malaysia, Philippines, Singapore, Brunei, Thailand and Vietnam.
Seven Product and Coverage Groups
Mr. Banga has reorganized the business into seven product and coverage groups, each led by a regional leader responsible for driving and managing product and coverage excellence throughout the region:
* Stephen Bird will continue to head Consumer Banking and Global Cards, in addition to his North Asia cluster role.
* Farhan Faruqui will continue to head Corporate and Commercial Bank.
* Anthony Nappi will continue to head Global Transaction Services.
* Mark Renton and Dan McNamara will continue heading the Investment Banking business.
* Rodrigo Zorrilla and David Ratliff will be Co-Heads for Markets with responsibility for driving Citi’s combined Fixed Income, Currencies and Commodities and Equities businesses.
* Aamir Rahim, previously Co-Head of Fixed Income, Currencies and Commodities, has been appointed Head of Global Wealth Management, Asia Pacific.
* Ajay Banga will personally lead Alternative Investments and define the regional growth strategy for this business.
“This new organizational structure for Citi Asia Pacific takes full advantage of Citi’s global experience, capabilities and franchises while being empowered and structured to deliver the best for our clients locally,” said Mr. Banga.
“These changes to the Asia Pacific organization will strengthen partnership between geographies and businesses. It will leverage local expertise and thinking, eliminate management layers and provide growth opportunities for our best people. This new structure also is expected to increase our ability to build our business and grow with our clients in this dynamic region.”
In addition, corporate support functions have been centralized across the region to further enhance efficiency. Andrew Butcher heads Operations and Technology. Terry Endsor heads Human Resources while Brad Hu is responsible for Risk. Nick Lyall heads Finance and Strategy. Legal, Compliance, Corporate Communications and Government Relations are led by Chief Administrative Officer Martin Wong.
This restructuring will create a more integrated client-facing organization that reflects Mr Banga’s priorities for the region: further enhance productivity, ensure strong risk management, drive organic growth and the successful integration of Nikko Cordial in Japan and Bank of Overseas Chinese in Taiwan, and ensure the best motivated and empowered people are in the right roles to achieve future growth and leadership.
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