Citigroup to Submit Its Capital Plan to the Federal Reserve Today
Citigroup will submit its capital plan to the Federal Reserve today, CEO Michael Corbat announced in a memo to employees today.
The memo described the reorganization of Citi’s management team, specifically the appointment as co-presidents of Jamie Forese and Manuel Medina-Mora. Forese will helm the banks’ institutional business, while Medina-Mora will oversee global consumer banking.
In the memo, Corbat also emphasized Citigroup’s commitment to “become a fully digital bank and improve efficiency through the organization.”
Citi’s strong international presence, particularly in emerging markets, has investors calling the New York-based bank better positioned for growth in 2013 than its US peers. The bank plans to reduce 6,200 jobs in global consumer banking, particularly in operations and technology.
Citigroup Inc. stock [ticker: C] was upgraded from a rating of “underperforming” to “market perform” by JP Morgan Securities last week.
Corbat has been CEO of Citigroup for three months, since the high-profile departure of Vikram Pandit.
Citigroup holds approximately $1.9 trillion in assets.
