Executives looking over revenue-producing businesses explained the changes on Wednesday and reassure their teams that the overhaul would reduce bureaucracy and prioritise profit-making activities.
The bank is still dealing with a 2020 consent order by regulators demanding it fix several “longstanding deficiencies” in its internal controls.
“Simplifying the organization will also advance the execution of Citi’s transformation, the firm’s top priority,” the company said in a statement on Wednesday.
Citigroup has heavily invested in recent years in technology systems to increase risk controls and compliance to address the consent order. But the company still employs many people with overlapping functions and redundant technology systems.
“They have been very careful and deliberate in what they do, especially because the risk and control transformation must work,” said Moody’s senior vice president Peter Nerby, the responsible for rating Citi.
Source: business.outlookindia.com
