Citigroup mulls splitting its Institutional Clients Group’s functions

Reuters reports that Citigroup Inc is planning to split the operations and technology functions of its unit, Institutional Clients Group, which contributed about 63% of the Wall Street bank’s total third-quarter revenue.

The reorganization plan for the unit that houses banking, markets, securities services among others was shared by the bank in an internal memo by unit Chief Executive Paco Ybarra on Wednesday.

Stuart Riley, who currently heads the operations and technology units at ICG, will now only manage the technology team. Allison Szmulewicz, who was leading the unit’s Latin American operations and technology functions, will now serve as the interim operations chief.

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