Citigroup Splits Operations and Technology Functions from Institutional Clients Group Unit

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A couple of days ago, the talks of Citigroup Inc.’s plans to recruit approximately a hundred people were doing rounds.

The operations and technology functions of Citigroup, which are a part of the Institutional Clients Group unit, have been split. In the previous records, the unit was able to produce 63% of the Wall Street bank’s total third-quarter revenue. 

Split of Operations and Tech Functions at Citigroup

In an internal memorandum by unit Chief Executive Paco Ybarra, the idea to restructure for this specific Citigroup subsidiary (which manages banking, markets, and securities services) was disclosed by the bank on Wednesday. With the confirmation from a Citi spokesperson, the news has been verified.

In an official statement from the memorandum, Ybarra had commented that the operations and technology teams of Citigroup would still remain a close-knit unit that thrives essentially by dealing with wide-ranging businesses and delivering creative solutions.  

The head of the operations and technology unit at ICG, Stuart Riley will be involved in the management of the technology team solely. The chair of the unit’s Latin American operations and technology services, Allison Szmulewicz will presently work as the interim operations chief. 

Citigroup’s Activity

Citigroup is a financial service holding firm. The company furnishes its users with a wide-ranging array of financial services including consumer banking and credit, corporate and investment banking among others.

The company boasts of several business units or segments, namely, the Global Consumer Banking (GCB), Institutional Clients Group (ICG), and Corporate/Others. The GCB unit involves a global, complete consumer permit addressing issues like banking, credit card, lending, and investment services. The ICG segment includes banking and securities services that provide public sector customers with an ensemble of banking and financial products and services. The third segment consists of unassigned expenses of international staff operations along with technology expenses.

A couple of days ago, the talks of Citigroup Inc.’s plans to recruit approximately a hundred people were doing rounds. The new strategy was brought up to promote the digital assets among its institutional business. 

For the above-mentioned reason, the company had hired Puneet Singhvi as the latest head of the digital assets inside the Institutional Clients’ Group. Singhvi, on the other hand, will be under the supervision of Emily Turner, who overlooks business development for the wider group.

In a statement sent through email, Citigroup asserted that the requirements of their customers in the digital-asset space are still being investigated and worked upon. The company wants to evaluate the markets along with the regulatory scenario to decisively gauge the kind of products and services they want to offer in the future. 

The company’s most recent recruiting drive follows after the United States’ largest banks move to adopt the cryptocurrency industry and widen their markets.

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Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.