FOR IMMEDIATE RELEASE
July 25, 2000

Citigroup Simplifies its Management Structure

New York, NY — Citigroup announced today it will simplify its management structure and move toward singular responsibility for its senior executives. Victor Menezes will take on the sole management of all of Citigroup's emerging markets activities across the Consumer and Corporate businesses. By creating a single management structure for these emerging markets, the company is aligning its operations to respond to the growth potential and to the customer needs within these regions.

          Michael Carpenter will take on the sole management of Salomon Smith Barney and Citibank's Global Relationship Bank. Menezes and Carpenter will remain close partners and coordinate their geographic responsibilities to best serve our clients' needs.

          "Although Victor and Mike will continue to cooperate seamlessly, I am pleased that we have reached the next stage in which they will each have sole management responsibility in their respective areas. We believe that this greater clarity will accelerate our ability to develop our emerging market presence and our efforts to find new ways to serve our large global corporate clients. These two areas represent enormous opportunities for our company," said Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup. "This structure is the natural next step to better serve the needs of our clients all over the world."

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