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Citigroup Reportedly To Split Ops, Tech Functions Of Institutional Clients Unit

Citigroup Inc (C) is planning to split the operations and technology functions of its unit, Institutional Clients Group or ICG, Reuters reported citing an internal memo by unit Chief Executive Paco Ybarra.

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

In the memo, Ybarra said that the operations and technology teams will continue to work closely with businesses to develop innovative solutions that make it simpler for clients to work with the bank.

The unit that houses banking, markets, securities services, among others, contributed about 63% of the bank's total third-quarter revenue.

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