Citigroup Announces New Management Structure to Enhance Global Growth, Coordination and Accountability for Product Initiatives

FOR IMMEDIATE RELEASE
June 11, 2002

Citigroup Announces New Management Structure to Enhance Global Growth, Coordination and Accountability for Product Initiatives

Combines Global Product Capabilities with Enhanced Regional Focus

New York, NY — Citigroup Inc. (NYSE: C) today announced a change to its management structure designed to enable the company to achieve even higher levels of growth and productivity.

Sanford I. Weill, Chairman and Chief Executive Officer of Citigroup Inc., said, “Over recent years, Citigroup has successfully developed and expanded the delivery of a wide range of quality products through our global distribution channels, achieving a continued strong customer response, enhancing employee opportunities and building shareholder value through our solid earnings. One of our key strengths, however, lies in the ability to adapt to the dynamic realities of the worldwide marketplace.”

“Effective today,” Weill said, “we will establish a matrix structure that will allow us to continue to grow and provide our customers with the superior products they have come to expect. The new structure emphasizes global products to best capitalize on our expertise, scale and scope in our key franchises. At the same time, the new structure reinforces our regional approach to ensure that we fully leverage our local expertise in the countries where we do business. This new structure strikes the right balance.”

Bob Willumstad, Mike Carpenter and Tom Jones will be responsible for nine global product units and Deryck Maughan will become the head of a new regionally-focused group called Citigroup International. Specifically:

Bob Willumstad, President of Citigroup and Chairman and CEO, Global Consumer Group, will have global product responsibility for:

Credit Cards;
Consumer Finance;
Consumer Branch Banking.

Mike Carpenter, Chairman and CEO, Global Corporate and Investment Bank, will have global product responsibility for:

Corporate and Investment Banking;
The Private Client Group;
and will add responsibility for Transaction Services.

Tom Jones, Chairman and CEO, Global Investment Management and Private Banking Group, will have product global responsibility for:

Asset Management;
Private Banking;
Life Insurance and Annuities.

Deryck Maughan, Chairman and CEO of Citigroup International, in partnership with the global product heads, will be responsible for Citigroup’s business activities in Europe, Asia, Japan, Latin America, and CEEMEA.

Reflecting the increasing integration of the economies of North America, Bob Willumstad will have oversight over Citigroup’s operations in Mexico and Puerto Rico. In addition, Mr. Willumstad, as President, will continue to serve as a member of the Finance and Capital Committee, the Investment Committee and the Risk Committee.

Victor Menezes will become a Senior Vice Chairman of Citigroup with the increasingly significant responsibility of managing relationships with many of the firm’s important customers and with government regulators. Mr. Menezes also will take responsibility for Citigroup’s mergers and acquisitions and its senior management development programs, the Chairman’s Executive Forum and the Business Leadership Program. In addition, Mr. Menezes will lead the company’s recruiting efforts outside the U.S.

Finally, Chuck Prince, Citigroup’s Chief Operating Officer, will add oversight of finance, risk management and human resources to his existing responsibilities.

Mr. Weill concluded, "Our new corporate structure reflects our belief that effective control and coordination between our product functions and global geographic businesses is increasingly critical to our success. It meets our shareholders' continuing interest in having the most complete understanding possible of our global business, and allows us to focus more intensely on pursuing our goal of being truly 'best-in-class' in each of our product areas, across the more than 100 countries we serve, and for all of our worldwide customers – consumer, corporate and institutional.”

“I have every confidence that this new management deployment will continue to drive forward the solid progress that we have made on all fronts over the past few years. Through this new structure we will assure our ability to continue to grow and fulfill our potential as a truly global organization dedicated to serving our customers well,” concluded Mr. Weill.

# # #

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup’s trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.