Magazine article American Banker

Corporate Banking at Citicorp Realigned According to Product and Industry Groups

Magazine article American Banker

Corporate Banking at Citicorp Realigned According to Product and Industry Groups

Article excerpt

Extending a corporate restructuring first announced in February, Citicorp has realigned its corporate banking operations along products and industry groups, rather than geographic regions.

The three product groups include global transactions services, headed by James Bailey; capital markets and trading, headed by Ernst Brutsche; and corporate finance and portfolio products, managed by Alan MacDonald.

In February, Citicorp divided the bank into three main areas of activity - global consumer markets, under executive vice chairman Pei-Yuan Chia; emerging markets, under executive vice president Donald E. Gibson; and worldwide corporate banking, under Robert A. McCormack.

Mr. McCormack said the move duplicates an existing operating system for foreign exchange and derivatives. The new structure "provides us with a higher level of risk management and controls," he said.

Alongside the three product groups, six customer industry groups covering broad-ranging businesses such as telecommunications and energy have been set up.

The six groups will be headed by Guenther Greiner, David Van Pelt, Masamoto Yashiro, Stormy Byorum, Nancy Newcomb, and Truett Tate. …

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