Home Technology Citigroup to Split Institutional Clients Group’s Ops, Tech Units | Investing News

Citigroup to Split Institutional Clients Group’s Ops, Tech Units | Investing News

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Citigroup to Split Institutional Clients Group’s Ops, Tech Units | Investing News

(Reuters) – Citigroup Inc is planning to break up the operations and expertise capabilities of its unit, Institutional Clients Group, which contributed about 63% of the Wall Street financial institution’s complete third-quarter income.

The reorganization plan for the unit that homes banking, markets, securities providers amongst others was shared by the financial institution in an inner memo by unit Chief Executive Paco Ybarra on Wednesday. A Citi spokesperson confirmed the content material within the memo when contacted by Reuters.

The operations and expertise groups “will proceed to work carefully with our companies to develop modern options that make it less complicated for our purchasers to work with us,” Ybarra mentioned within the memo.

Stuart Riley, who at the moment heads the operations and expertise models at ICG, will now solely handle the expertise workforce. Allison Szmulewicz, who was main the unit’s Latin American operations and expertise capabilities, will now function the interim operations chief.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich)

Copyright 2021 Thomson Reuters.

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