US bank Citi’s sweeping re-organisation following heavy credit market losses last year will not structurally affect Citi’s private banking arm apart from its executive reporting lines, the bank has told WealthBriefing. Citi, currently in the throes of a deep restructuring programme headed by new chief executive Vikram Pandit, who took over the post after Charles Prince left last November, is creating a system of regional chief executives. Under the changes, the heads of Citi Private Bank in their geographic regions will report to regional chief executives. Other existing reporting lines will be unaffected, a Citi spokeswoman said. With $236 billion of assets globally, the private banking arm of Citi serves more than 25,000 wealthy families and has more than 30 offices worldwide. Citi has established a regional structure, with geographic regions each led by a single chief executive officer who reports to Mr Pandit. Asia Pacific, including Japan, will be led by Ajay Banga. Western Europe, Middle East and Africa will be headed by William Mills. The Central and Eastern European region will be led by Shirish Apte. Manuel Medina Mora will continue to lead Mexico and Latin America.
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