Citigroup Names Robert Druskin Chief Executive Officer of the Global Corporate and Investment Banking Group.

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 16, 2003

Citigroup announced today the appointment of Robert Druskin, 56, as Chief Executive Officer of Citigroup's Global Corporate and Investment Banking Group (GCIB). In his new role, Mr. Druskin succeeds Charles O. Prince, 53, who was named Chairman and Chief Executive Officer of the GCIB in September 2002, and was named Chief Executive Officer of Citigroup in October 2003. Mr. Druskin will report to Robert Willumstad, Citigroup's President and Chief Operating Officer.

"Bob is an executive of great talent and integrity and I am confident that, under his leadership, Citigroup's Global Corporate and Investment Banking Group will continue to establish its preeminence in its products and client relationships and its record of delivering outstanding performance and industry-leading returns for our shareholders. Bob has been instrumental in helping the GCIB establish its powerful franchise, and as President and Chief Operating Officer of the business since August 2002, has helped the GCIB address a number of critical challenges and move forward as a stronger, more effective business. He has worked very closely with me and the rest of the GCIB management team to refine the GCIB's client coverage model, reengineer its cost base and strengthen its business practices and on other key priorities," said Mr. Prince.

"I look forward to working closely with Bob and the GCIB team. With the goals for the GCIB firmly set, our plans for fully realizing the potential of its unique and powerful business platform well underway, and the business performing well, now is time to take this next important step in establishing our management team. Bob is ideally suited to lead the business to a new level of growth and development," said Mr. Willumstad.

Mr. Druskin joined Smith Barney in 1991 as Senior Executive Vice president and Chief Administrative Officer and was named Vice Chairman of that business in 1993. From April 1996 to August 1997, Mr. Druskin served as head of Smith Barney's Asset Management and the Futures Division. He returned to his role as Chief Administrative Officer in 1997, and in September 2000, became Chief Operations and Technology Officer for Citigroup. In August 2002, Mr. Druskin returned to the GCIB as President and Chief Operating Officer. Mr. Druskin is a member of the GCIB's Planning Group and has chaired its Business Practices Committee since September 2002. He is also a member of the Finance and Capital, Risk Management, Business Heads and Management Committees of Citigroup.

Before joining Smith Barney, Mr. Druskin was Chief Financial Officer of Shearson Lehman Brothers Inc. and Shearson Lehman Brothers Holdings Inc. and a member of its Executive Committee. He joined Shearson Hammill & Co., a predecessor firm, in 1969, after graduating from Rutgers University. He is on the Rutgers Board of Trustees, the Board of Overseers of the Rutgers University Foundation, and the Dean's Advisory Committee. He also serves on the Board of Trustees of NYU Downtown Hospital.

With all the Citigroup business operations now reporting directly to Bob Willumstad as Chief Operating Officer, all the key corporate staff functions will now report directly to Chuck Prince.

Citigroup's global corporate and investment banking group provides complete financial solutions to corporations, governments and institutional investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transaction services, commercial finance and insurance products. Additional information can be found at: www.citigroupgcib.com

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, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.