According to a Dow Jones report, top executives at Citi, the third-largest bank in the U.S. by assets, have long felt it was too technocratic, with a focus on products rather than service and selling. Manuel Medina-Mora, consumer chief for the Americas, pledged change, and in September hired Cecilia Stewart as head of retail and Jud Linville as head of cards to help design and implement a new strategy.
On Wednesday, Citi unveiled organizational and management changes it hopes will help in targeting the right clients with the right product. Retail banking and cards will be organized into units focused on customer segments, product development and distribution.
In a memorandum to retail banking staff, Stewart said: "We must align ourselves to the segments, strengthen our product and service offerings … enhance the customer experience … and maintain oversight and control of our underlying risks. Achieving this will improve our market position and generate sustained, long-term growth and profitability."
