Citi Realigns Institutional and Consumer Banking Tech Control

Michael Corbat, Citi's new CEO

As co-presidents, Jamie Forese and Manuel Medina-Mora will have immediate technology oversight as part of CEO Michael Corbat's new management structure.

In an internal memo to Citi staff, Corbat says that operations and technology (O&T) for several crucial units will report directly to the new co-presidents, both Citi veterans, to more closely tailor support functions to specific business objectives. Forese currently oversees the bank's institutional arm; Medina-Mora, meanwhile, is in charge of consumer banking as well the bank's presence in Mexico.

Both will closely consult with Citi's head of enterprise O&T, Don Callahan, who remains responsible for shared infrastructure and compliance-related matters.

"This change will better align the priorities and strengthen accountability between our client-facing businesses and their support function as we continue our efforts to become a fully digital bank and improve efficiency through the organization," Corbat says.

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