Citi has realigned its reporting segments into three: Citicorp, Citi Holdings and Corporate/Other. The bank said that it has implemented this realignment in February, and though there is no legal separation of the three segments, financial reporting will reflect the new structure going forward, beginning with the second quarter of 2009.
It said that as previously announced, Citicorp consists of Regional Consumer Banking in North America, EMEA, Asia and Latin America, and the Institutional Clients Group (Securities and Banking, including the Private Bank, and Transaction Services).
Citi Holdings consists of Brokerage and Asset Management, Local Consumer Lending, and a Special Asset Pool. However, the corporate/other and discontinued operations will be reported at the Citigroup level.
Vikram Pandit, Chief Executive Officer, said: “The creation of Citicorp and Citi Holdings reflects our strategy to refocus the company on its greatest strength: our global institutional and consumer banking businesses, while exiting non-core businesses and reducing risk assets. Our focus is to grow Citicorp while managing our long term exit from the non-core businesses and assets held in Citi Holdings.
