Citigroup Plans To Split Off Its Banking, Markets And Securities Unit

Citigroup Inc (NYSE:C) is planning to split the operations and technology functions of its Institutional Clients Group, which contributed 63% to the Wall Street bank's total third-quarter revenue.

The reorganization of the unit that houses banking, markets and securities services was shared by the bank in an internal memo from unit Chief Executive Paco Ybarra.

The operations and technology teams "will continue to work closely with our businesses to develop innovative solutions that make it simpler for our clients to work with us," Ybarra said in the memo.

Stuart Riley, who currently heads the operations and technology units at Citigroup’s Institutional Clients Group, will now only manage the technology team.

Allison Szmulewicz, who was leading Citigroup’s Latin American operations and technology functions, will now serve as the interim operations chief.