FOR IMMEDIATE RELEASE
August 01, 2000

Peter K. Scaturro Named Chief Executive Officer Of The Citibank Private Bank

New York, NY — The Citibank Private Bank announced today that Peter K. Scaturro has been named Chief Executive Officer of The Citibank Private Bank. He will report to Thomas W. Jones, Chairman and CEO of the Global Investment Management and Private Banking Group.

          Mr. Scaturro was given the interim title of Global Head of the Private Bank in April 2000. He succeeded Todd Thomson, who was promoted to Chief Financial Officer of Citigroup at that time.

          According to Sandy Weill, Chairman of Citigroup, "Peter has brought fresh thinking and strategic insights to The Private Bank business - and we are already seeing successful results. We believe that, with Peter at the helm, we can continue to grow this business successfully in key markets around the world."

          "We are committed to building a world class Private Banking business. In a very short time, Peter has demonstrated strong leadership as we expand our presence around the world - and this strategy is paying off," said Mr. Jones.

          The Citibank Private Bank had record earnings for the second quarter of 2000 - with core income up 11 percent and Private Bank Client Business volumes up 19 percent to $149 billion. Year to date 2000, core income of $160 million is up 27 percent over 1999. In addition, the firm added approximately 85 private bankers and product specialists year to date.

          Mr. Scaturro joined Citigroup in the Fall of 1999 as Managing Director and Head of the U.S. Private Banking business for Citibank. Before joining Citigroup, Mr. Scaturro spent 13 years at Bankers Trust/Deutsche Bank. He was the Managing Director responsible for the Private Banking business at Bankers Trust/Deutsche Bank in the United States. He was also a member of the eight member Deutsche Bank Global Private Bank Steering Committee. In addition, at Bankers Trust, Mr. Scaturro ran the Private Bank's Marketing Group on a global basis.

          Before becoming Bankers Trust's head of marketing, Mr. Scaturro was head of their 401(k) business. Prior to joining BT, he spent five years at Chase Manhattan in the cash management business.

          Mr. Scaturro is an associate of the Columbia University Council on Organization and Management and serves on the Board of Directors of the Lincoln Center Chamber Music Society, International House and Mega Cities and serves as a Trustee of Caramoor. Mr. Scaturro sits on the Advisory Board of the Financial Engineering program at Columbia University. He is also a member of The Snowmass Institute Advisory Board, the Foreign Policy Association and The Economic Club of New York.

          Mr. Scaturro holds his undergraduate and graduate degrees from Columbia University. He resides in Bedford, New York with his wife and two children.

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