New Citigroup Management Draws Heavily from 2 Sides

By Moyer, Liz | American Banker, May 7, 1998 | Go to article overview

New Citigroup Management Draws Heavily from 2 Sides


Moyer, Liz, American Banker


Citicorp and Travelers Group have made their first pass at a top- management structure for the new Citigroup, an initial indication of how the two organizations would meld.

A memo that the companies issued Wednesday, a month since announcing their $70 billion merger plan, had more names on it from Citicorp and Citibank than from Travelers.

But six people, four of them from Travelers, would be in charge of the three principal customer-defined business groups-consumer, corporate and investor, and asset management-reporting to co-chief executive officers John S. Reed of Citicorp and Sanford I. Weill of Travelers.

Travelers' president and chief operating officer, James Dimon, would get the title of president of Citigroup while also running the global corporate and investor business with Deryck Maughan of Salomon Smith Barney and Victor Menezes of Citicorp. Mr. Menezes would add the new title of president, Citibank.

The most detailed list of appointments was disclosed in consumer banking. William I. Campbell, Citi's global consumer chief, would retain strategic and international responsibilities, with six Citibank people reporting to him.

Travelers vice chairman Robert I. Lipp, a onetime Chemical Bank executive, would take charge of North American operations, with both Citicorp and Travelers executives heading a mix of banking and nonbanking business lines.

Thomas W. Jones of Travelers would be CEO of asset management, with Peter Carman of Citicorp as chief investment officer.

Overall, analysts viewed the announcement as an interweaving of the two giant companies without significantly altering the composition of management or providing many clues as to the personality of Citigroup.

"They just combined the management teams," said Bradley Ball, an analyst at Credit Suisse First Boston. "They haven't given any clarity on who will ultimately have authority over the future of the company."

But Mr. Ball and others said a question about succession appeared to be addressed with the presidential designation of "Jamie" Dimon, a longtime Travelers executive and protege of Mr. Weill.

Mr. Dimon's responsibilities are to include financial management and review functions. Heidi Miller, currently chief financial officer at Travelers, would take on that role at Citigroup and report to Mr. …

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