Citigroup Inc. (NYSE:C) is reorganizing its credit card and retail banking operations in the U.S. to improve service and boost sales, and made management changes within those units, according to Citi memos Wednesday.
Top executives at Citi, the third largest bank in the U.S. by assets, have long felt the bank was too technocratic--focused on products rather than service and selling. Manuel Medina-Mora, consumer chief for the Americas, pledged to change this focus, and in September hired Cecilia Stewart and Jud Linville as heads of retail and cards, respectively, to help design and implement a new strategy.
Wednesday, the two introduced to their staff organizational and management changes the bank hopes will help in targeting the right customers with the right product. In a move to focus more on customers, retail banking and cards will be organized into units focused on customer segments, product development, and distribution.
In a memorandum to Citi's retail banking staff, Stewart said, "We must align ourselves to the segments, strengthen our product and service offerings...enhance the customer experience...and maintain oversight and control of our underlying risks. Achieving this will improve our market position and generate sustained, long-term growth and profitability."
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