Citigroup Inc. is reorganizing its Asia-Pacific operations into four geographic areas, according to a statement released Monday by Ajay Banga, the executive who heads the region.
The reorganization is to establish four clusters, each led by a chief executive officer reporting to Mr. Banga.
Under the previous structure, three product groups — global wealth, global consumer, and institutional clients — operated under separate CEOs reporting to global business heads in New York.
The changes in the Asia-Pacific market "will leverage local expertise and thinking, eliminate management layers, and provide growth opportunities," Mr. Banga said.
The revamping is meant to refocus a business that has the fastest revenue growth in the company. Citigroup's chief executive officer Vikram Pandit has called for more local executives to make decisions without waiting for approval from New York. The geographic areas will be supported by seven product groups.
The Asia-Pacific region contributed 13.8% of Citigroup's revenue last year, a one-third bigger share than in 2006, as U.S. operations suffered the effects of the housing crisis.
