To: Global Banking
From: Ned Kelly
Cc: John P. Havens
Cc: ICG Management Committee
Cc: Citi Executive Committee
Subject: New Organizational Structure for Global Banking
During the past decade Citi has maintained its leadership in corporate banking and built a world-class investment bank. Our capabilities in both corporate and investment banking extend to the newly emerged markets of Asia Pacific and Latin America, as well as the more traditional markets of the US, Europe and Japan. As everyone continues to fight the headwinds of an ongoing global financial crisis and an economic downturn, we need to provide our clients with an even more coordinated and focused effort driven by a team that is committed to helping them through these difficult times.
Accordingly, I am pleased to announce a new organizational structure that will make us more efficient, effective and responsive. The Global Corporate Bank and the Investment Bank will merge to form one Global Banking Group. We need to have a single, unified coverage force that can deliver to our clients the best advice, the best products and the best execution. The Global Banking Group will focus on our global clients and their subsidiaries around the world, certain larger local clients, and key clients in particular industry groups that are not among our global clients.
The Global Banking Group will be organized along both global industry and regional lines and be led by Ray McGuire in New York and Alberto Verme in London and Dubai. Ray and Alberto will report to me as will Mark Slaughter, who will be the Chief Operating Officer of the Global Banking Group.
Under the new structure, coverage will be fully integrated and regionally driven with the industry and product groups providing expertise and support on a global basis. This is largely consistent with the way we are organized today. In the US, the global industry groups, which will consist of fully-integrated groups of former corporate and investment bankers, will be responsible for coverage as well as the provision of expertise and support around the world. We are working through the global industry leadership issues and the leadership team for sector coverage in the US. Additional announcements will be made shortly. I have attached a schematic that displays this industry/regional coverage and global industry/product matrix.
Our global product leadership will remain the same with the addition of one important group.
Michael Roberts will lead a new Global Credit and Network Management group (“GCNM”) reporting to me. GCNM will focus on the prudent, optimal use of our balance sheet, which is becoming an increasingly valuable resource. Credit is no longer a commodity, and we should make every effort to capitalize on its renewed importance in light of our special capacity to deliver it. We should use it to support our strongest relationships and to build others that are key to our future. Michael will also work with Ray, Alberto and our regional colleagues to ensure that we continue to deliver the full range of our traditional banking products to our core clients across our global platform. This is critical. We must be sure that the new organizational structure strengthens our core banking business and the global network that is so important to so many of our clients.
Tyler Dickson will continue to lead the Global Capital Markets Group and report to me and Jamie Forese. Given the capital and funding issues facing virtually all of our clients in this environment, I expect that all of us will work as closely as possible with Tyler and his team to deliver our capital markets products as seamlessly and effectively as possible.
Mark Shafir will continue to lead Global M&A and report to Ray and Alberto.
To state what should be obvious, all of those bankers with coverage responsibilities will be measured against their ability to deliver to clients all of the firm’s resources and products and to capitalize on our unique platform.
I know this has been a difficult period. The events of the past several months would have been inconceivable even six months ago and the markets seem to bring new surprises each day. I also know that the anticipation of this new organizational structure has generated anxiety. The new structure is not intended, and should not be construed, to favor one group or another. Instead, it is intended to achieve an integration that many of you have been advocating for years and, in the process, to make us a stronger, unified firm focused on a single purpose – serving our clients as efficiently and effectively as possible. A spirit of partnership and mutual respect will be crucial to achieving this goal. I plan to enforce those values, and I expect all of you to join me in that effort. It is up to “us” to make this work.
The challenges we face are real. But we have a team that is as capable of meeting them as any team in the world. We just have to work together in the ways that are most productive for us, our clients and our shareholders.
I look forward to working together with all of you to make the most of the great franchise we are privileged to have.
Citi hasn’t built anything. Simply acquired the pieces and waited for business to fall in their laps.
It’s taken Citi only, oh, 10 years to finally get to this point. This should have happened a long time ago. Seems current management is finally willing to inflict the pain that this merger will cause.
vikula
just because you put something on a piece of paper, or speak it, it does not mean it is true….
Nice Org Chart, although I’d probably have gone Green Yellow Red, rather than Red Green Yellow. It’s important to remember ROYGBIV in org charts, although this one is something of a VIBGYOR riff on that old classic.
What bothers me is that the Asia/Pacific horizontal bar is two rows thick but the Europe bar is three rows thick.
Also why are Europe and Latin America the same color?
no wonder why Citi is f#cked….I can’t understand the damn org chart…apparently it is clearer to the Citi employees who they report to, I guess it is organized in order of incompetence….oh, it is clearer to me now…..now I know how it works…
no wonder their investment bank has gone to shit. If they tried to charge me for that piece of shit org chart I’d kick Ned in the balls.
@6, probably due to their anti-American leanings…
@7:
oh yeah 7, when you can’t read an org chart, the org chart is to blame…..
Hey VIK: Fetch me some chai, wallah
I thought color copies were prohibited, the TARP-ies are not going to be happy…
Gotta love the Chief Operating Officer with the last name of “Slaughter”. The old director of compensation at ML was Peter “Stingy”.
lipstick on a pig
Wideclizzops
Rearranging chairs on the Titanic.
Does it really make sense to make things bigger and more bureaucratic at Citi?
Also, that org chart does not make sense.
I worked in Citi’s corp & i-bank for 8 years. It’s about damn time they did this. Make no mistake: 80% of the coverage officers will be i-bankers, not corp bankers. Corp bankers better get their resumes updated.
Nice test pattern at the end. I assume that means Citi is about to go off the air.
Fuck ‘em if they can’t take a joke!
“Forgot About Dre”
(feat. Eminem)
[Dr Dre]
Ya’ll know me still the same ol’ G
But I been low key
Hated on by most these niggas
Wit no cheese, no deals and no G’s, no wheels and no keys
No boats, no snowmobiles and no ski’s
Mad at me cause
I can finally afford to provide my family wit groceries
Got a crib wit a studio and it’s all full of tracks
To add to the wall full of plaques
Hangin up in the office in back of my house like trophies
But ya’ll think I’m gonna let my dough freeze
Ho Please
You better bow down on both knees
Who you think taught you to smoke trees
Who you think brought you the o’ G’s
Eazy-E’s Ice Cube’s and D.O.C’s and Snoop D O double G’s
And a group that said muthafuck the police
Gave you a tape full of dope beats
To bump when stroll through in your hood
And when your album sales wasn’t doin too good
Who’s the doc that he told you to go see
Ya’ll better listen up closely
All you niggas that said that I turned pop
Or the Firm flop
ya’ll are the reason Dre ain’t been getting no sleep
So fuck ya’ll all of ya’ll
If ya’ll don’t like me blow me
Ya’ll are gonna keep fuckin around wit me
And turn me back to the old me
[chorus x2 - Eminem]
Nowadays everybody wanna talk like they got something to say
But nothin comes out when they move they lips
Just a buncha gibberish
And muthafuckas act like they forgot about Dre
[Eminem]
So what do you say to somebody you hate
Or anybody tryna bring trouble your way
Wanna resolve things in a bloodier way
Just study your tape of NWA.
One day I was walkin by
Wit a walkmen on
When I caught a guy givin me an awkward eye
And strangled him off in the parkin lot wit his Karl Kani
I don’t give a fuck if it’s dark or not
I’m harder than me tryna park a Dodge
But I’m drunk as fuck
Right next to a humungous truck in a two car garage
Hoppin out wit two broken legs tryna walk it off
Fuck you too bitch call the cops
I’ma kill you and them loud ass muthafuckin barkin dogs
And when the cops came through
Me and Dre stood next to a burnt down house
Wit a can full of gas and a hand full of matches
And still weren’t found out
From here on out it’s the Chronic 2
Startin today and tomorrows the new
And I’m still loco enough
To choke you to death wit a Charleston chew
[Record scratch]
Slim shady hotter then a set of twin babies
In a Mercedes Benz wit the windows up
And the temp goes up to the mid 80′s
Callin men ladies
Sorry Doc but I been crazy
There is no way that you can save me
It’s ok go with him Hailey
[chorus x2]
[Dr Dre]
If it was up to me
You muthafuckas would stop comin up to me
Wit your hands out lookin up to me
Like you want somethin free
When my last cd was out you wasn’t bumpin me
But now that I got this little company
Everybody wanna come to me like it was some disease
But you won’t get a crumb from me
Cause I’m from the streets of Compton
I told em all
All them little gangstas
Who you think helped mold ‘em all
Now you wanna run around and talk about guns
Like I ain’t got none
What you think I sold ‘em all
Cause I stay well off
Now all I get is hate mail all day sayin Dre fell off
What cause I been in the lab wit a pen and a pad
Tryna get this damn label off
I ain’t havin that
This is the millenium of Aftermath
It ain’t gonna be nothin after that
So give me one more platinum plaque and fuck rap
You can have it back
So where’s all the mad rappers at
It’s like a jungle in this habitat
But all you savage cats
Knew that I was strapped wit gats
When you were cuddled wit cabbage patch
[Chorus x3]
Whenever you see one individual reporting to 2 people, that’s trouble that hasn’t been resolved. They are bloated and are slow to take action.
“During the past decade Citi has maintained its leadership in corporate banking and built a world-class investment bank.”
How stupid do they think their employees and customers are?
#20 has set the price: test pattern -> strong support at zero.
the irony.. for all of you who don’t know Ned Kelly was Australia’s most famous crook…