Citigroup Hires Bankers Trust's Peter Scaturro.

NEW YORK--(BUSINESS WIRE)--Sept. 30, 1999--

Peter K. Scaturro Joins Citigroup from Bankers Trust Deutsche

Bank Group as Managing Director, U.S. Private Bank

Citigroup (NYSE: C) announced today that Peter K. Scaturro has joined the company as Managing Director of the U.S. Private Bank, reporting to Shaukat Aziz, Head of Global Private Banking.

Mr. Scaturro is responsible for leading the Private Banking business for U.S. domiciled clients.

"Peter is joining us as part of an expanded commitment on our part to continue building a world class Private Banking business and culture by leveraging our globality and extensive product mix available within Citigroup," said Mr. Aziz. "Our Global Private Banking business generated revenues of nearly $600 million in the first half of 1999."

"In addition to running the U.S. Private Bank, we plan to draw on Peter's experience as part of the senior management team in building and shaping the strategy and success of our Global Private Bank."

Mr. Scaturro joined Citigroup from Bankers Trust Private Banking, a member of Deutsche Bank Group where he was Managing Director and Deputy Chairman, Private Banking Americas, responsible for all aspects of on-shore U.S. private banking. Previously, he held the position of Managing Director, Private Banking Sales and Marketing, responsible for client relationships in the U.S. He also served as Managing Director and Division Head, responsible for the 401(k) business provided to the bank's Fortune 500 clients. In other positions with Bankers Trust, he had primary responsibility for strategic and business planning for the Investment Management, Private Banking and Fiduciary businesses. He also worked on projects as part of an internal management consultant group. Prior to joining Bankers Trust, Mr. Scaturro was in Corporate Operating Services at Chase Manhattan Bank.

Mr. Scaturro received his MS and BS in Engineering, both from Columbia University. He is on the Advisory Board of the Financial Engineering program at Columbia University, an Associate of the Columbia University Council on Organization and Management, on the Board of Directors of the Lincoln Center Chamber Music Society, and on the Board of Directors of International House.

Mr. Scaturro replaces Frank Burnside, who built and led the U.S. Private Bank for four years. "Mr. Burnside, who will work with Mr. Scaturro for several weeks to ensure a smooth and seamless transition, is moving to another important position with Citigroup," said Mr. Aziz. "We appreciate and value Frank's vision, leadership and commitment to the Global Private Bank and wish him well in his next position."

The Citibank Private Bank, the largest non-Swiss private bank in the world, provides personalized wealth management services for clients through 97 offices in 32 countries. The Private Bank offers unmatched global reach, coupled with a full range of portfolio management and investment advisory services from the Global SSB Citi Asset Management Group, an array of personal banking services from the Global Consumer Bank, as well as expertise from the Global Corporate and Investment Bank. Citibank Private Bankers act as financial architects, designing and coordinating insightful solutions for individual client needs, with an emphasis on personalized, confidential service.

The Citibank Private Bank is part of Citigroup's Global Investment Management and Private Banking Group, headed by Thomas W. Jones. The group includes SSB Citi Asset Management Group, Citibank Private Bank and Citibank Retirement Plan Services.

Citigroup (NYSE:C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.Citigroup.com.