John Reed may have said that electronic banking won't hit its stride for another 50 years, but it looks as if he's actually not going to wait until then to implement an Internet strategy. Citicorp's CEO has given evp Ed Horowitz the green light to hire an Internet strategist to develop the bank's presence on the Web.
Recruited away from Prodigy, Josh Grotstein has come to Citi as division executive of the bank's Internet and intranet programs. In this newly created position, Grotstein says he will approach the Internet as a communications vehicle, rather than using it as just an alternative distribution channel. So, like Microsoft, Citi now has its sights set on becoming a leading content providerowith a focus that includes, but will not be limited to, financial services. ... The search has ended. Marty Lippert, the former Mellon Bank IT evp, has been selected to take on the CIO post at Royal Bank of Canadaoan enormous undertaking, considering the breadth of offerings at Canada's largest bank. Lippert is charged with supporting the creation of a"universal bank" where consumers can get information and products in any area of financial services. ... In a realignment of its global financial industry organization, John A. Meyer has been appointed president of a new strategic business unit at EDS. The new unit merges EDS's banking, securities and finance operations and customer bases.