Leaders of Citi&rsquo;s five businesses to report directly to the CEO
Delivery of Citi&rsquo;s global network enhanced through streamlined geographic structure
&nbsp;New Client organization to strengthen client delivery across all lines of business

New York &ndash; Citi today announced significant changes to its organizational model that will fully align its management structure with its business strategy and simplify the bank. The new, flatter structure elevates the leaders of Citi&rsquo;s five businesses and eliminates management layers, which will speed up decision making, drive increased accountability and strengthen the focus on clients. Simplifying the organization will also advance the execution of Citi&rsquo;s Transformation, the firm&rsquo;s top priority.
&ldquo;I am determined that our bank will deliver to our full potential, and we&rsquo;re making bold decisions to meet our commitments to all our stakeholders,&rdquo; said Citi CEO Jane Fraser. &ldquo;These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our Transformation.&rdquo;
Citi is taking the following actions:
<ul>
<li>
The leaders of each of Citi&rsquo;s five interconnected businesses will now report directly to the CEO and be members of the Executive Management Team. This will allow them to have greater influence on Citi&rsquo;s strategy and execution, while enhancing accountability. This will also give our investors greater transparency into our core businesses. These five business leaders are:
<ul>
<li>Shahmir Khaliq, Services 1</li>
<li>Andrew Morton, Markets</li>
<li>Peter Babej, Banking 2&nbsp; (interim)</li>
<li>Andy Sieg, Wealth (beginning September 27)</li>
<li>Gonzalo Luchetti, U.S. Personal Banking</li>
</ul>
</li>
<li>Leadership of the firm&rsquo;s geographies outside of North America is now consolidated under Ernesto Torres Cant&uacute;, Head of International. The scope of Citi&rsquo;s geographic management will narrow to local-market client coverage and delivery, and legal entity management. Banking and International will share a common management team, creating greater connectivity across Citi for clients under a leaner structure.&nbsp;</li>
<li>A newly-created Client organization is now responsible for strengthening client engagement and experience across the bank&rsquo;s global network and businesses. David Livingstone will lead this group and become the firm&rsquo;s Chief Client Officer.</li>
</ul>
Over the past three years, Citi has implemented a strategy to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market. Today&rsquo;s announcement is the next logical step in Citi&rsquo;s work to implement the plan it presented at its 2022 Investor Day and deliver its medium-term targets. Citi has been executing a focused strategy for its five interconnected businesses, made rapid progress on exiting its consumer franchises outside the United States, and continues to strengthen its risk management and controls.
Effective immediately, the new Executive Management Team includes:
<ul>
<li>Jane Fraser &ndash; Chief Executive Officer</li>
<li>Peter Babej &ndash; Interim Head of Banking; Chairman of Banking</li>
<li>Titi Cole &ndash; Head of Legacy Franchises</li>
<li>Nadir Darrah &ndash; Chief Auditor</li>
<li>Sunil Garg &ndash; CEO of Citibank, N.A. and Head of North America</li>
<li>Shahmir Khaliq &ndash; Head of Services</li>
<li>David Livingstone &ndash; Chief Client Officer</li>
<li>Gonzalo Luchetti &ndash; Head of U.S. Personal Banking</li>
<li>Mark Mason &ndash; Chief Financial Officer</li>
<li>Brent McIntosh &ndash; Chief Legal Officer and Corporate Secretary</li>
<li>Andrew Morton &ndash; Head of Markets</li>
<li>Anand Selvakesari &ndash; Chief Operating Officer</li>
<li>Andy Sieg &ndash; Head of Wealth (beginning September 27)</li>
<li>Edward Skyler &ndash; Head of Enterprise Services &amp; Public Affairs</li>
<li>Ernesto Torres Cant&uacute; &ndash; Head of International</li>
<li>Zdenek Turek &ndash; Chief Risk Officer</li>
<li>Sara Wechter &ndash; Chief Human Resources Officer</li>
<li>Mike Whitaker &ndash; Head of Operations &amp; Technology</li>
<li>Paco Ybarra &ndash; Senior Advisor</li>
</ul>
The new model will simplify the bank in a number of ways, including eliminating the Personal Banking &amp; Wealth Management and Institutional Clients Group management layers, as well as the existing regional layers in Asia Pacific, Europe, Middle East and Africa, and Latin America. As Citi swiftly transitions to this new model, the firm is committed to retaining top talent and supporting employees who are leaving the company.
Jane Fraser will join Citi CFO Mark Mason at 10:30 a.m. EDT today at Barclays&rsquo; Global Financial Services Conference, where they will discuss the impact of and timeline for these changes. A live audio webcast will be available at <a href="http://www.citigroup.com" target="_blank" rel="noopener" data-link-source="tiny">www.citigroup.com</a> under Investors, Events and Presentations.
1 Services comprises Treasury and Trade Solutions, Securities Services
2 Banking comprises Investment Banking, Corporate Banking, Commercial Banking
<hr />
<h2>About Citi </h2>
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.&nbsp;
Additional information may be found at&nbsp;<a href="http://www.citigroup.com/" target="_blank" rel="noopener" data-link-source="tiny">www.citigroup.com</a>&nbsp;| Twitter:&nbsp;<a href="https://twitter.com/citi" target="_blank" rel="noopener" data-link-source="tiny">@Citi</a>&nbsp;| LinkedIn:&nbsp;<a href="http://www.linkedin.com/company/citi" target="_blank" rel="noopener" data-link-source="tiny">www.linkedin.com/company/citi</a>&nbsp;| YouTube:&nbsp;<a href="http://www.youtube.com/citi%7C" target="_blank" rel="noopener" data-link-source="tiny">www.youtube.com/citi</a>&nbsp;| Facebook:&nbsp;<a href="http://www.facebook.com/citi" target="_blank" rel="noopener" data-link-source="tiny">www.facebook.com/citi</a>&nbsp;
Certain statements in this release are &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management&rsquo;s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: uncertainties and other challenges associated with Citi&rsquo;s execution against its transformation, simplification and other strategic initiatives, including, among others, achieving expense savings and consummation of its remaining international consumer market exits; macroeconomic, geopolitical and other challenges and uncertainties, including further increases in interest rates; revisions to the U.S. Basel III rules, including the recently issued notice of proposed rulemaking, known as the Basel III Endgame; potential increased regulatory, compliance and other requirements and costs; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup&rsquo;s filings with the U.S. Securities Exchange and Commission, including without limitation the &ldquo;Risk Factors&rdquo; section of Citigroup&rsquo;s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
<h2>Media Contact</h2>
Jennifer Lowney: <a href="mailto:jennifer.lowney@citi.com" target="_blank" rel="noopener" data-link-source="tiny">jennifer.lowney@citi.com</a>, (212) 793-3141
<h2>Investor Contact</h2>
Jennifer Landis: <a href="mailto:jennifer.am.landis@citi.com" target="_blank" rel="noopener" data-link-source="tiny">jennifer.am.landis@citi.com</a>, (212) 559-2718&nbsp;&nbsp;

Leaders of Citi&rsquo;s five businesses to report directly to the CEO
Delivery of Citi&rsquo;s global network enhanced through streamlined geographic structure
&nbsp;New Client organization to strengthen client delivery across all lines of business New York &ndash; Citi today announced significant changes to its organizational model that will fully align its management structure with its business strategy and simplify the bank. The new, flatter structure elevates the leaders of Citi&rsquo;s five businesses and eliminates management layers, which will speed up decision making, drive increased accountability and strengthen the focus on clients. Simplifying the organization will also advance the execution of Citi&rsquo;s Transformation, the firm&rsquo;s top priority.
&ldquo;I am determined that our bank will deliver to our full potential, and we&rsquo;re making bold decisions to meet our commitments to all our stakeholders,&rdquo; said Citi CEO Jane Fraser. &ldquo;These changes eliminate unnecessary complexity across the bank, increase accountability for delivering excellent client service and strengthen our ability to benefit from the natural linkages that exist amongst our businesses, all with an eye toward delivering on our medium-term targets and our Transformation.&rdquo;
Citi is taking the following actions:
<ul>
<li>
The leaders of each of Citi&rsquo;s five interconnected businesses will now report directly to the CEO and be members of the Executive Management Team. This will allow them to have greater influence on Citi&rsquo;s strategy and execution, while enhancing accountability. This will also give our investors greater transparency into our core businesses. These five business leaders are:
<ul>
<li>Shahmir Khaliq, Services 1</li>
<li>Andrew Morton, Markets</li>
<li>Peter Babej, Banking 2&nbsp; (interim)</li>
<li>Andy Sieg, Wealth (beginning September 27)</li>
<li>Gonzalo Luchetti, U.S. Personal Banking</li>
</ul>
</li>
<li>Leadership of the firm&rsquo;s geographies outside of North America is now consolidated under Ernesto Torres Cant&uacute;, Head of International. The scope of Citi&rsquo;s geographic management will narrow to local-market client coverage and delivery, and legal entity management. Banking and International will share a common management team, creating greater connectivity across Citi for clients under a leaner structure.&nbsp;</li>
<li>A newly-created Client organization is now responsible for strengthening client engagement and experience across the bank&rsquo;s global network and businesses. David Livingstone will lead this group and become the firm&rsquo;s Chief Client Officer.</li>
</ul>
Over the past three years, Citi has implemented a strategy to be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market. Today&rsquo;s announcement is the next logical step in Citi&rsquo;s work to implement the plan it presented at its 2022 Investor Day and deliver its medium-term targets. Citi has been executing a focused strategy for its five interconnected businesses, made rapid progress on exiting its consumer franchises outside the United States, and continues to strengthen its risk management and controls.
Effective immediately, the new Executive Management Team includes:
<ul>
<li>Jane Fraser &ndash; Chief Executive Officer</li>
<li>Peter Babej &ndash; Interim Head of Banking; Chairman of Banking</li>
<li>Titi Cole &ndash; Head of Legacy Franchises</li>
<li>Nadir Darrah &ndash; Chief Auditor</li>
<li>Sunil Garg &ndash; CEO of Citibank, N.A. and Head of North America</li>
<li>Shahmir Khaliq &ndash; Head of Services</li>
<li>David Livingstone &ndash; Chief Client Officer</li>
<li>Gonzalo Luchetti &ndash; Head of U.S. Personal Banking</li>
<li>Mark Mason &ndash; Chief Financial Officer</li>
<li>Brent McIntosh &ndash; Chief Legal Officer and Corporate Secretary</li>
<li>Andrew Morton &ndash; Head of Markets</li>
<li>Anand Selvakesari &ndash; Chief Operating Officer</li>
<li>Andy Sieg &ndash; Head of Wealth (beginning September 27)</li>
<li>Edward Skyler &ndash; Head of Enterprise Services &amp; Public Affairs</li>
<li>Ernesto Torres Cant&uacute; &ndash; Head of International</li>
<li>Zdenek Turek &ndash; Chief Risk Officer</li>
<li>Sara Wechter &ndash; Chief Human Resources Officer</li>
<li>Mike Whitaker &ndash; Head of Operations &amp; Technology</li>
<li>Paco Ybarra &ndash; Senior Advisor</li>
</ul>
The new model will simplify the bank in a number of ways, including eliminating the Personal Banking &amp; Wealth Management and Institutional Clients Group management layers, as well as the existing regional layers in Asia Pacific, Europe, Middle East and Africa, and Latin America. As Citi swiftly transitions to this new model, the firm is committed to retaining top talent and supporting employees who are leaving the company.
Jane Fraser will join Citi CFO Mark Mason at 10:30 a.m. EDT today at Barclays&rsquo; Global Financial Services Conference, where they will discuss the impact of and timeline for these changes. A live audio webcast will be available at <a href="http://www.citigroup.com" target="_blank" rel="noopener" data-link-source="tiny">www.citigroup.com</a> under Investors, Events and Presentations.
1 Services comprises Treasury and Trade Solutions, Securities Services
2 Banking comprises Investment Banking, Corporate Banking, Commercial Banking
<hr />
<h2>About Citi </h2>
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.&nbsp;
Additional information may be found at&nbsp;<a href="http://www.citigroup.com/" target="_blank" rel="noopener" data-link-source="tiny">www.citigroup.com</a>&nbsp;| Twitter:&nbsp;<a href="https://twitter.com/citi" target="_blank" rel="noopener" data-link-source="tiny">@Citi</a>&nbsp;| LinkedIn:&nbsp;<a href="http://www.linkedin.com/company/citi" target="_blank" rel="noopener" data-link-source="tiny">www.linkedin.com/company/citi</a>&nbsp;| YouTube:&nbsp;<a href="http://www.youtube.com/citi%7C" target="_blank" rel="noopener" data-link-source="tiny">www.youtube.com/citi</a>&nbsp;| Facebook:&nbsp;<a href="http://www.facebook.com/citi" target="_blank" rel="noopener" data-link-source="tiny">www.facebook.com/citi</a>&nbsp;
Certain statements in this release are &ldquo;forward-looking statements&rdquo; within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management&rsquo;s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: uncertainties and other challenges associated with Citi&rsquo;s execution against its transformation, simplification and other strategic initiatives, including, among others, achieving expense savings and consummation of its remaining international consumer market exits; macroeconomic, geopolitical and other challenges and uncertainties, including further increases in interest rates; revisions to the U.S. Basel III rules, including the recently issued notice of proposed rulemaking, known as the Basel III Endgame; potential increased regulatory, compliance and other requirements and costs; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup&rsquo;s filings with the U.S. Securities Exchange and Commission, including without limitation the &ldquo;Risk Factors&rdquo; section of Citigroup&rsquo;s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
<h2>Media Contact</h2>
Jennifer Lowney: <a href="mailto:jennifer.lowney@citi.com" target="_blank" rel="noopener" data-link-source="tiny">jennifer.lowney@citi.com</a>, (212) 793-3141
<h2>Investor Contact</h2>
Jennifer Landis: <a href="mailto:jennifer.am.landis@citi.com" target="_blank" rel="noopener" data-link-source="tiny">jennifer.am.landis@citi.com</a>, (212) 559-2718&nbsp;&nbsp;

Citi Aligns Organizational Structure with Its Strategy and Simplifies Operating Model 

CHINA - Citibank (China) Co. Ltd. (&ldquo;Citi China&rdquo;) has received approval from the Shanghai Futures Exchange (SHFE) and International Energy Exchange (INE) to act as a Futures Margin Depository Bank (FMDB) for its Qualified Foreign Investor (QFI) clients to trade commodity futures on the SHFE and INE. Citi is the first American bank to receive this approval. &nbsp;
&ldquo;The relaxed QFI regulation provides exciting new ways for global investors to participate in China&rsquo;s capital markets. With this newly added capacity to serve as a futures margin depository bank, Citi China is well positioned to offer a best-in-class platform for our clients globally and help them navigate and capitalize these tremendous opportunities in the ongoing opening-up of the Chinese capital markets,&rdquo; said Christine Lam, Chief Executive Officer of Citi China.&nbsp;
&ldquo;The strength of our custody business lies in our ability to deliver local solutions and proactive engagement to expand offering as new products are enabled. Our in-depth understanding of the market, client-centric mindset, heightened engagement with market infrastructures has helped us gain the approvals from SHFE and INE, reinforcing Citi&rsquo;s position as one of the top custodians in China,&rdquo; Aditya Sharma, Citi&rsquo;s Asia Pacific Head of Custody, commented. &nbsp;
Citi continues to expand its product offering to support the emerging needs of clients as opportunities emerge and has been building its product and service offerings in China. Citi has invested significantly in its Securities Services operations in Shanghai and plans to continue building up its local capabilities to meet clients&rsquo; increasing demand in China.
Citi has been a leading custodian services provider in China for Qualified Foreign Investors (QFI) and has more than 20 years of experience in China's capital market cross-border custody services, having witnessed the opening up of China&rsquo;s capital markets. Citi is one of the few banks who can offer a complete end-to-end solution to international investors investing in China, whether it&rsquo;s through equity or fixed income, directly (QFII, RQFII, and CIBM direct scheme) or via Hong Kong (Stock Connect and Bond Connect), from trading and research to custody, clearing and settlement. Citi has the complete set of licenses and capabilities in China to enable these transactions on the ground.
With over US$27.8 trillion1 of assets under custody and administration and the industry-leading proprietary network spanning over 63 markets, Citi Securities Services provides clients with extensive on-the-ground local market expertise, advanced processing technologies, customized data solutions, and a wide range of custody and fund services that can be tailored to meet clients&rsquo; needs.
<hr />
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.
Additional information may be found at&nbsp;<a href="http://www.citigroup.com/" target="_blank" rel="noopener" data-link-source="tiny">www.citigroup.com</a>&nbsp;| Twitter: <a href="https://twitter.com/Citi" target="_blank" rel="noopener" data-link-source="tiny">@Citi</a> | LinkedIn: <a href="http://www.linkedin.com/company/citi" target="_blank" rel="noopener" data-link-source="tiny">www.linkedin.com/company/citi</a> | YouTube:&nbsp;<a href="http://www.youtube.com/citi%7C" target="_blank" rel="noopener" data-link-source="tiny">www.youtube.com/citi</a>&nbsp;| Facebook:&nbsp;<a href="http://www.facebook.com/citi" target="_blank" rel="noopener" data-link-source="tiny">www.facebook.com/citi</a>&nbsp;
About Citi China 
Citi first established an office in China on May 15, 1902, in Shanghai. In April 2007, Citi was among the first international banks to locally incorporate in China. Citi's locally incorporated entity is known as Citibank (China) Co., Ltd., which is wholly owned by Citibank N.A. Today Citi is a leading international bank in China with a footprint in twelve cities across China.
For more information, please visit <a href="https://www.citibank.com.cn/sim/index.htm" data-link-source="tiny">www.citibank.com.cn</a> 或 <a href="http://www.citi.com.cn" target="_blank" rel="noopener" data-link-source="tiny">www.citi.com.cn</a>
Media Contact
Marine Mao: <a href="mailto:marine.mao@citi.com" data-link-source="tiny">marine.mao@citi.com</a>, +86 (21) 2896 6366
<hr />
1As of 30 June 2023.

Citi is the First US Bank Approved to Offer FMDB Service in China

NEW YORK - Citi Treasury and Trade Solutions launches a set of four payment solutions for Financial Institution (FI) clients, which are designed to improve the client experience for their end users. With this, FI clients will now have access to new capabilities -- each of which can now be used with low or no implementation work or technology build.
This new set of functionalities is designed to broaden, expand and improve (from a client experience perspective) FI offerings quickly and easily. It includes:
<ul>
<li>Extending the capabilities of Citi&rsquo;s 24/7 USD Clearing for FIs to include payments to companies and individuals. With this feature, in addition to bank-to-bank payments, FIs are now able to make commercial payments (payments processed on behalf of banks&rsquo; underlying retail and corporate clients). Citi now has more than 100 FI clients using its 24/7 USD Clearing service since its launch in late 2022.</li>
<li>Confirmed Value Transfer (CVT), allowing for transparency on associated deducted fees ahead of initiating a transaction when there are multiple parties involved in processing a USD cross-border payment. With CVT, Citi standardizes and gives the sending institution an up-front view of the value of such downstream deductions, designed to improve their underlying client experience and transparency.</li>
<li>Ability to initiate payments in over 70+ currencies from a single USD account, allowing clients to significantly expand their currency processing capabilities for their customers in a cost-efficient manner.&nbsp;</li>
<li>Access to Swift Go: Citi can now process, upon FI clients&rsquo; requests, payments via Swift Go, Swift&rsquo;s recent payments service. &nbsp;This allows clients to access Swift Go benefits without any further build or implementation on their end.</li>
</ul>
&ldquo;We are committed to help our FI clients grow and succeed by providing fully embedded solutions that empower them to more rapidly drive digital transformation, delivering next-gen experiences to their underlying clients,&rdquo; said Will Artingstall, Global Co-Head of Cross-Border Payments at Citi Treasury and Trade Solutions.&nbsp;
&ldquo;This new set of solutions aims to improve current capabilities for clients, and has been designed to enhance their client experience, lower costs, and increase speed and transparency as well. We are pleased to help our clients decrease complexity provided through these kinds of solutions, while remaining laser-focused on ease of adoption, scalability and immediate impact on the end customer experience,&rdquo; said Dawid Janas, Global Head of FI Payments and Clearing at Citi Treasury and Trade Solutions.
Please also stay tuned for Citi&rsquo;s GPS Paper on the Future of Cross-Border Payments.
<hr />
About Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) helps enable our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering a comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at&nbsp;<a href="http://www.citigroup.com/" target="_blank" rel="noopener" data-link-source="tiny">www.citigroup.com</a>&nbsp;| Twitter:&nbsp;<a href="https://twitter.com/citi" target="_blank" rel="noopener" data-link-source="tiny">@Citi</a>&nbsp;| LinkedIn:&nbsp;<a href="http://www.linkedin.com/company/citi" target="_blank" rel="noopener" data-link-source="tiny">www.linkedin.com/company/citi</a>&nbsp;| YouTube:&nbsp;<a href="http://www.youtube.com/citi%7C" target="_blank" rel="noopener" data-link-source="tiny">www.youtube.com/citi</a>&nbsp;| Facebook:&nbsp;<a href="http://www.facebook.com/citi" target="_blank" rel="noopener" data-link-source="tiny">www.facebook.com/citi</a>&nbsp;
Media Contacts
Nina Das: <a href="mailto:Nina.Das@citi.com" data-link-source="tiny">Nina.Das@citi.com</a>, +1 (212) 816-9267

Citi Launches Suite of Auto-Enabled Payment Solutions for Financial Institutions

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Citi is the First US Bank Approved to Offer FMDB Service in China

Citi Launches Suite of Auto-Enabled Payment Solutions for Financial Institutions

Citi Aligns Organizational Structure with Its Strategy and Simplifies Operating Model

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