Citi to split ops, tech functions of Institutional Clients Group – Reuters

Citigroup Inc. intends to split the operations and technology functions of its Institutional Clients Group unit, Reuters reported Nov. 24, citing a company memo.

The unit, which houses banking, markets and securities services, among others, contributed roughly 63% of the bank's third-quarter revenue.

A bank spokesperson confirmed the contents of the memo, Reuters reported.

Stuart Riley, who heads the operations and technology units at the Institutional Clients Group, will now only manage the technology team, while Allison Szmulewicz, who was heading the unit's Latin American operations and technology functions, will now serve as the interim operations chief, according to the report.