Citigroup's Global Corporate and Investment Bank Announces New Management Structure; Druskin Appointed President and Chief Operating Officer.Business Editors
NEW YORK--(BUSINESS WIRE)--Aug. 15, 2002
Citigroup Inc. (NYSE NYSE
See: New York Stock Exchange :C)
Bisignano Assumes Responsibility for Transaction
Services and e-Commerce;
Klein Named CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GCIB GCIB Gas Cluster Ion Beam
GCIB Global Corporate Investment Banking (Bank of America) in Europe & Chairman of
European Operating Committee
Robert Druskin has been appointed to the newly created position of President and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Citigroup's global corporate and investment bank (GCIB), Chairman and Chief Executive Officer Michael A. Carpenter today announced.
In his newly created role, Druskin will have responsibility for Equity Research, CitiCapital, Finance, Risk Management, Legal, Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. . Druskin will also retain his position as Chief Operations and Technology Officer for Citigroup, and also continue reporting to Citigroup Chief Operating Officer Charles O. Prince, as well as continue to serve as a member of Citigroup's Management Committee.
Carpenter also announced an expanded role for Frank Bisignano, Senior Executive Vice President and Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive . In addition to continuing oversight of all GCIB Operations & Technology, Bisignano will assume responsibility for the GCIB's e-Commerce efforts, as well as Citigroup's transaction services businesses, including e-Business and Global Securities Services. The latter two, along with the corporate businesses in the Emerging Markets, were added to Carpenter's responsibilities during the recent Citigroup reorganization. In addition, Bisignano will join Citigroup's Management Committee.
Carpenter also announced that Michael Klein Michael Klein can refer to:
The GCIB's other businesses, as well as regional business heads in Europe, Japan and the emerging markets, will continue reporting to Carpenter directly. They include the Private Client Group, Global Fixed Income, Global Equities, the Investment Banking Division and the Global Relationship Bank. The Municipal Securities Division will now report to Tom Maheras, Vice Chairman, as will Phibro and the prime brokerage Prime Brokerage
A special group of services that many brokerages give to special clients. The services provided under prime brokering are securities lending, leveraged trade executions, and cash management, among other things. business. These are in addition to his ongoing responsibility for Global Fixed Income and Foreign Exchange.
"Given the rapidly evolving landscape throughout our industry and my newly expanded responsibilities, I decided to streamline the GCIB's organizational structure This article has no lead section.
To comply with Wikipedia's lead section guidelines, one should be written. ," Carpenter said. "The new management structure accomplishes several key goals, including further separating reporting lines between research and investment banking and thereby strengthening the independence of our research function."
Additionally, Carpenter noted, "This move reduces the number of my direct reports significantly, allowing me time to prioritize how best to meet our business' strategic and operational objectives, as well as how best to make the new Citigroup global organizational structure work most effectively."
Druskin joined Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. in 1991 as Senior Executive Vice president and Chief Administrative Officer where he remained until 1996, when he served for just over a year as head of Asset Management and the Futures Division. He returned to his role as CAO in 1997 until assuming his current role at Citigroup in 1999. In this position, Druskin, 55, oversees operations and technology, purchasing, shared services shared services,
n.pl the administrative, clinical, or other service functions that are common to two or more hospitals or their health care facilities and used jointly or cooperatively by them. , real estate and continuity of business planning across the company. He also shares responsibility for its anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. activities. Druskin's relationship with Citigroup dates back to 1969 when he joined Shearson Hammill & Co., where he was named Treasurer in 1980 and Chief Financial Officer in 1984.
"Bob will be returning to a business that he knows well and to a team of professionals who recognize his talent, experience and integrity and who respect him enormously," Carpenter said. "These are among the factors that were instrumental in my asking him to rejoin our organization."
Carpenter noted, "Bob is someone I know will help lead our organization as we continue to move forward."
Bisignano, 43, joined Smith Barney in 1994 and was head of Global Operations and Information Technology for the GCIB before becoming CAO in August 2000. Prior to joining the company, he was an Executive Vice President at First Fidelity where he was the Chief Consumer Lending Officer. Before that he was a Senior Vice President at Lehman Brothers.
"Frank has done a terrific job of the improving the efficiency and service levels of our operations and technology functions in the GCIB," Carpenter noted. "I'm pleased to give him additional responsibilities that I'm confident he will execute well."
Michael Klein joined SSB SSB Statistisk Sentralbyrå (Statistics Norway)
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SSB Space Studies Board
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SSB Salomon Smith Barney in 1985 as a member of the Salomon Smith Barney Merger and Acquisition Group. In 1999, he was named a Head of the Firm's European Investment Bank European Investment Bank, nonprofit bank created in 1958 by the six founding countries of the European Economic Community (now part of the European Union [EU]). . Prior to that he was responsible for the firms Private Equity advisory practice. In 2000, he was named Co-Head of Firm's Global Investment Bank. In this capacity, Klein shares responsibility for the Firm's corporate relationship, advisory, and financing activities.
"Michael has done a great job for us as co-head of the Investment Bank, which has now become number one globally as measured by revenues." Carpenter said. "He has not only made a crucial impact on the successful merger of Schroder's and Salomon Smith Barney, but he continues to be a driving force behind our European strategy."
These organizational changes are effective immediately.
Citigroup's Global Corporate & Investment Bank brings together Citibank, the world's most global corporate bank, and Salomon Smith Barney, a leading global investment bank and securities brokerage firm. Together they provide complete financial solutions to corporations, governments, institutions and individuals in more than 100 countries. Award-winning businesses include corporate and investment banking services, investment advice, financial planning Financial planning
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and commercial insurance products.
Citigroup (NYSE:C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.