<ul>
<li>Uncertainties about the outlook for global growth driving change</li>
<li>Client experience and Digital delivery remains top priority</li>
<li>Regulatory environment remains top challenge for industry</li>
<li>Preference for outsourcing technology development&nbsp;</li>
</ul> HIGHLIGHTS

<ul>
<li>Uncertainties about the outlook for global growth driving change</li>
<li>Client experience and Digital delivery remains top priority</li>
<li>Regulatory environment remains top challenge for industry</li>
<li>Preference for outsourcing technology development&nbsp;</li>
</ul>

LONDON, HONG KONG, NEWYORK &ndash; New research from Citi Business Advisory Services, in partnership with Citi Securities Services, released today highlights <a target="_blank" name="_Hlk139926409" data-link-source="tiny"></a>the need to transform business and operating models amongst Wealth Managers as declining fees, low margins; and increasing cost of regulation and compliance continue to pressure the industry. The global study &ldquo;Disruption and Transformation in Wealth - Future-proofing Service and Operating Models&rdquo; found that 71% of participants surveyed identified the overall client experience as a top priority. This heightened focus on client experience and more specifically the digital client experience stems from evolving client expectations and the threat of digital disruptors.
Structural shifts including the emergence of new wealth, coupled with uncertainty in global markets and a fluid regulatory landscape, have pushed the wealth industry to address the fundamental challenges of maintaining and growing relationships with their end clients.
In order to effectively deliver an enhanced and digitally-enabled client experience, wealth managers and private banks should focus on transforming their operational, technology and service models, the report suggests. When asked about their preferred technology development strategy, an overwhelming 75% of survey respondents prefer to work with external parties. &nbsp;
The study also found that there is a clear distinction on which functions are more likely to be outsourced or considered for outsourcing.
<ul>
<li>46% of respondents prefer a hybrid model, upgrading their in-house systems with third-party tools</li>
<li><a target="_blank" name="_Hlk139926927" data-link-source="tiny"></a>66% of respondents either already outsource or are likely to consider outsourcing post trade services</li>
<li>The top three areas that respondents are unlikely to consider or outsource include most of the client-facing activities such as onboarding and KYC (56%), client services, reporting and data (50%), and compliance, regulatory and tax reporting (54%)</li>
</ul>
&ldquo;The emergence of new technologies, demands for a native digital client experience and the largest intergenerational wealth transfer in history pose significant challenges to the entire wealth industry,&rdquo; said Okan Pekin, Citi&rsquo;s Global Head of Securities Services. &ldquo;Our research outlines ways in which we can re-imagine service and operating models to deliver solutions to wealth managers to address these challenges.&rdquo;
&ldquo;Disruption and Transformation in Wealth - Future-proofing Service and Operating Models&rdquo; includes quantitative and qualitative data gathered from 23 interviews and almost 160 survey participants across retail, wealth, and private banking segments in APAC (40%), Europe (41%), and North America (17%). Collectively, these insights provide a rare, holistic view into the ongoing developments across the entire wealth spectrum.
Other key findings include:
<ul>
<li>The three most important areas of focus for technology and operations were identified as:
<ul style="list-style-type: circle;">
<li>Digital client experience (67% of respondents)</li>
<li>Trading and execution services (53%)</li>
<li>Global operating and client service models (39%)</li>
</ul>
</li>
<li>Almost half (43%) of survey participants ranked budget constraints as the top barrier to transforming their technology and operations</li>
</ul>
As we look to the future of wealth, the drive for scale and efficiency is accelerating consolidation across the entire industry.&nbsp; &nbsp;
&ldquo;Based on our study, it is clear that the wealth industry is at an inflection point, and it is critical that wealth management providers servicing the mass affluent to ultra-high net worth clients need to get their operating model right. Moving forward, we see trusted partnerships as key to success as consolidation continues,&rdquo; said Andrew Pitt, Head of Research and Content for Citi&rsquo;s Institutional Client Group. For more information on the study see: <a href="https://icg.citi.com/icghome/what-we-think/global-insights/insights/-disruption-and-transformation-in-wealth" target="_blank" rel="noopener" data-link-source="tiny">https://icg.citi.com/icghome/what-we-think/global-insights/insights/-disruption-and-transformation-in-wealth</a>
<hr />
About Citi Securities Services
With approximately US $27.1 trillion1 of assets under custody, administration and trust and an industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides cross-border support for clients with extensive on-the-ground local market expertise, innovative post-trade technologies, customized data solutions and a wide range of securities services solutions that can be tailored to meet clients&rsquo; needs. About Citi Business Advisory Services
Citi&rsquo;s Business Advisory Services team (BAS) is a strategy consultancy within Citi Global Insights. BAS conducts its own primary research each year with investment managers overseeing $30-65 trillion to produce thought leadership around the trends reshaping financial institutions and the investment management industry. The scale and breadth of their interaction with the leadership of leading firms offers a unique perspective on how the industry is responding to the opportunities and challenges being created. 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 <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;
<div>
Media Contacts:
North America: Nina Das, <a href="mailto:nina.das@citi.com" data-link-source="tiny">nina.das@citi.com</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMEA: Richard Bicknell, <a href="mailto:richard.bicknell@citi.com" data-link-source="tiny">richard.bicknell@citi.com</a> Asia Pacific: Arundathi Abyshekar, <a href="mailto:arundathi.abyshekar@citi.com" data-link-source="tiny">arundathi.abyshekar@citi.com</a> Latam: Alexandra Ravinet, <a href="mailto:alexandra.ravinet@citi.com" data-link-source="tiny">alexandra.ravinet@citi.com</a>
<hr align="left" size="1" width="33%" />
<div id="edn1">
1As of 31 March 2023.
</div>
</div>

<ul>
<li>Uncertainties about the outlook for global growth driving change</li>
<li>Client experience and Digital delivery remains top priority</li>
<li>Regulatory environment remains top challenge for industry</li>
<li>Preference for outsourcing technology development&nbsp;</li>
</ul> HIGHLIGHTS LONDON, HONG KONG, NEWYORK &ndash; New research from Citi Business Advisory Services, in partnership with Citi Securities Services, released today highlights <a target="_blank" name="_Hlk139926409" data-link-source="tiny"></a>the need to transform business and operating models amongst Wealth Managers as declining fees, low margins; and increasing cost of regulation and compliance continue to pressure the industry. The global study &ldquo;Disruption and Transformation in Wealth - Future-proofing Service and Operating Models&rdquo; found that 71% of participants surveyed identified the overall client experience as a top priority. This heightened focus on client experience and more specifically the digital client experience stems from evolving client expectations and the threat of digital disruptors.
Structural shifts including the emergence of new wealth, coupled with uncertainty in global markets and a fluid regulatory landscape, have pushed the wealth industry to address the fundamental challenges of maintaining and growing relationships with their end clients.
In order to effectively deliver an enhanced and digitally-enabled client experience, wealth managers and private banks should focus on transforming their operational, technology and service models, the report suggests. When asked about their preferred technology development strategy, an overwhelming 75% of survey respondents prefer to work with external parties. &nbsp;
The study also found that there is a clear distinction on which functions are more likely to be outsourced or considered for outsourcing.
<ul>
<li>46% of respondents prefer a hybrid model, upgrading their in-house systems with third-party tools</li>
<li><a target="_blank" name="_Hlk139926927" data-link-source="tiny"></a>66% of respondents either already outsource or are likely to consider outsourcing post trade services</li>
<li>The top three areas that respondents are unlikely to consider or outsource include most of the client-facing activities such as onboarding and KYC (56%), client services, reporting and data (50%), and compliance, regulatory and tax reporting (54%)</li>
</ul>
&ldquo;The emergence of new technologies, demands for a native digital client experience and the largest intergenerational wealth transfer in history pose significant challenges to the entire wealth industry,&rdquo; said Okan Pekin, Citi&rsquo;s Global Head of Securities Services. &ldquo;Our research outlines ways in which we can re-imagine service and operating models to deliver solutions to wealth managers to address these challenges.&rdquo;
&ldquo;Disruption and Transformation in Wealth - Future-proofing Service and Operating Models&rdquo; includes quantitative and qualitative data gathered from 23 interviews and almost 160 survey participants across retail, wealth, and private banking segments in APAC (40%), Europe (41%), and North America (17%). Collectively, these insights provide a rare, holistic view into the ongoing developments across the entire wealth spectrum.
Other key findings include:
<ul>
<li>The three most important areas of focus for technology and operations were identified as:
<ul style="list-style-type: circle;">
<li>Digital client experience (67% of respondents)</li>
<li>Trading and execution services (53%)</li>
<li>Global operating and client service models (39%)</li>
</ul>
</li>
<li>Almost half (43%) of survey participants ranked budget constraints as the top barrier to transforming their technology and operations</li>
</ul>
As we look to the future of wealth, the drive for scale and efficiency is accelerating consolidation across the entire industry.&nbsp; &nbsp;
&ldquo;Based on our study, it is clear that the wealth industry is at an inflection point, and it is critical that wealth management providers servicing the mass affluent to ultra-high net worth clients need to get their operating model right. Moving forward, we see trusted partnerships as key to success as consolidation continues,&rdquo; said Andrew Pitt, Head of Research and Content for Citi&rsquo;s Institutional Client Group. For more information on the study see: <a href="https://icg.citi.com/icghome/what-we-think/global-insights/insights/-disruption-and-transformation-in-wealth" target="_blank" rel="noopener" data-link-source="tiny">https://icg.citi.com/icghome/what-we-think/global-insights/insights/-disruption-and-transformation-in-wealth</a>
<hr />
About Citi Securities Services
With approximately US $27.1 trillion1 of assets under custody, administration and trust and an industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides cross-border support for clients with extensive on-the-ground local market expertise, innovative post-trade technologies, customized data solutions and a wide range of securities services solutions that can be tailored to meet clients&rsquo; needs. About Citi Business Advisory Services
Citi&rsquo;s Business Advisory Services team (BAS) is a strategy consultancy within Citi Global Insights. BAS conducts its own primary research each year with investment managers overseeing $30-65 trillion to produce thought leadership around the trends reshaping financial institutions and the investment management industry. The scale and breadth of their interaction with the leadership of leading firms offers a unique perspective on how the industry is responding to the opportunities and challenges being created. 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 <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;
<div>
Media Contacts:
North America: Nina Das, <a href="mailto:nina.das@citi.com" data-link-source="tiny">nina.das@citi.com</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EMEA: Richard Bicknell, <a href="mailto:richard.bicknell@citi.com" data-link-source="tiny">richard.bicknell@citi.com</a> Asia Pacific: Arundathi Abyshekar, <a href="mailto:arundathi.abyshekar@citi.com" data-link-source="tiny">arundathi.abyshekar@citi.com</a> Latam: Alexandra Ravinet, <a href="mailto:alexandra.ravinet@citi.com" data-link-source="tiny">alexandra.ravinet@citi.com</a>
<hr align="left" size="1" width="33%" />
<div id="edn1">
1As of 31 March 2023.
</div>
</div>

Global Survey Shows Wealth Management Ecosystem at Inflection Point

<ul>
<li>77% of the market participants surveyed expect accelerated settlements to have a major impact on their business</li>
<li>80% of market participants expect a notable impact on their securities lending and borrowing business</li>
<li>Cash, funding and liquidity management remain greatest obstacle to achieving a shortened settlement cycle</li>
</ul>

LONDON, NEW YORK, HONG KONG &ndash; Citi today launched the third edition of its &ldquo;Securities Services Evolution&rdquo; whitepaper series, which shows the securities ecosystem faces challenging times ahead. The whitepaper finds that accelerated settlement is the single largest area of focus across all financial market infrastructures (FMIs) and market participants globally, with 77% of respondents expecting a major impact on their business.
&ldquo;Our research shows that the rapidly accelerating move to T+1 in major markets poses significant challenges to industry participants, leaving an urgent need to drive innovation, automation and efficiencies in global operating models,&rdquo; said Okan Pekin, Global Head of Securities Services at Citi.&nbsp;
Citi&rsquo;s whitepaper includes quantitative and qualitative data gathered from 12 FMIs and industry participants (fintech, taskforces, banks) and almost 500 market participants from banks, broker-dealers, asset managers, custodians and institutional investors around the world. Collectively, these insights continue to provide valuable insights into developments across the global securities market ecosystem.&nbsp;
While the impact of acceleration remains the primary focus, a consensus is also emerging as to how best to prepare for it. Participants are focusing on clients and counterparties in the first instance; followed by in-house platforms and processes; and evaluating staffing and location strategies. For example, 69% of those surveyed are focused on automating and standardizing client communications while 64% are looking to upgrade /replace technology platforms.
Other notable findings from this year&rsquo;s whitepaper include:&nbsp;
<ul>
<li>For the last 3 years, cash, funding and liquidity management have been cited as the greatest obstacle to achieving a shortened settlement cycle</li>
<li>80% of market participants expect a notable impact on their securities lending and borrowing business - one of the single most impacted area by the move to T+1</li>
<li>74% of our respondents engaging in Distributed Ledger Technology (DLT) and digital asset initiatives (increased from 47% last year) in a clear sign that DLT momentum continues to grow</li>
<li>38% of market participants are today live with digital asset offerings vs 22% for DLT</li>
<li>Growing belief across the industry that digital money (CBDCs, bank and non-bank issued stable coins) is maturing quickly &ndash; an overwhelming 87% see them as a viable means to support securities settlement (vs 72% last year)&nbsp;</li>
</ul>
&ldquo;As market infrastructures continue to evolve, it&rsquo;s increasingly important for industry participants to work in partnership to strengthen the stability of the overall ecosystem,&rdquo; said Matthew Bax, Global Head of Custody for Securities Services at Citi. &ldquo;Supporting innovation while maximizing global consistency of the client experience remains core to our Securities Services offering.&rdquo;
A copy of Securities Services Evolution 2003 is available here: &nbsp;<a href="http://citi.us/3Oy8aOv" target="_blank" rel="noopener" data-link-source="tiny">http://citi.us/3Oy8aOv</a>
<hr />
About Citi Securities Services
With approximately USD$27.1 trillion1 of assets under custody, administration and trust worldwide, and a leading proprietary network spanning more than 60 markets, Citi Securities Services provides cross-border support for clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of securities services solutions that can be tailored to meet clients&rsquo; needs.
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>
Media Contact
Richard Bicknell: <a href="mailto:richard.bicknell@citi.com" data-link-source="tiny">richard.bicknell@citi.com</a>&nbsp;
<div><hr />
<div id="ftn1">
1As of 31 March 2023.
</div>
</div>

<ul>
<li>77% of the market participants surveyed expect accelerated settlements to have a major impact on their business</li>
<li>80% of market participants expect a notable impact on their securities lending and borrowing business</li>
<li>Cash, funding and liquidity management remain greatest obstacle to achieving a shortened settlement cycle</li>
</ul> LONDON, NEW YORK, HONG KONG &ndash; Citi today launched the third edition of its &ldquo;Securities Services Evolution&rdquo; whitepaper series, which shows the securities ecosystem faces challenging times ahead. The whitepaper finds that accelerated settlement is the single largest area of focus across all financial market infrastructures (FMIs) and market participants globally, with 77% of respondents expecting a major impact on their business.
&ldquo;Our research shows that the rapidly accelerating move to T+1 in major markets poses significant challenges to industry participants, leaving an urgent need to drive innovation, automation and efficiencies in global operating models,&rdquo; said Okan Pekin, Global Head of Securities Services at Citi.&nbsp;
Citi&rsquo;s whitepaper includes quantitative and qualitative data gathered from 12 FMIs and industry participants (fintech, taskforces, banks) and almost 500 market participants from banks, broker-dealers, asset managers, custodians and institutional investors around the world. Collectively, these insights continue to provide valuable insights into developments across the global securities market ecosystem.&nbsp;
While the impact of acceleration remains the primary focus, a consensus is also emerging as to how best to prepare for it. Participants are focusing on clients and counterparties in the first instance; followed by in-house platforms and processes; and evaluating staffing and location strategies. For example, 69% of those surveyed are focused on automating and standardizing client communications while 64% are looking to upgrade /replace technology platforms.
Other notable findings from this year&rsquo;s whitepaper include:&nbsp;
<ul>
<li>For the last 3 years, cash, funding and liquidity management have been cited as the greatest obstacle to achieving a shortened settlement cycle</li>
<li>80% of market participants expect a notable impact on their securities lending and borrowing business - one of the single most impacted area by the move to T+1</li>
<li>74% of our respondents engaging in Distributed Ledger Technology (DLT) and digital asset initiatives (increased from 47% last year) in a clear sign that DLT momentum continues to grow</li>
<li>38% of market participants are today live with digital asset offerings vs 22% for DLT</li>
<li>Growing belief across the industry that digital money (CBDCs, bank and non-bank issued stable coins) is maturing quickly &ndash; an overwhelming 87% see them as a viable means to support securities settlement (vs 72% last year)&nbsp;</li>
</ul>
&ldquo;As market infrastructures continue to evolve, it&rsquo;s increasingly important for industry participants to work in partnership to strengthen the stability of the overall ecosystem,&rdquo; said Matthew Bax, Global Head of Custody for Securities Services at Citi. &ldquo;Supporting innovation while maximizing global consistency of the client experience remains core to our Securities Services offering.&rdquo;
A copy of Securities Services Evolution 2003 is available here: &nbsp;<a href="http://citi.us/3Oy8aOv" target="_blank" rel="noopener" data-link-source="tiny">http://citi.us/3Oy8aOv</a>
<hr />
About Citi Securities Services
With approximately USD$27.1 trillion1 of assets under custody, administration and trust worldwide, and a leading proprietary network spanning more than 60 markets, Citi Securities Services provides cross-border support for clients with extensive on-the ground local market expertise, innovative post-trade technologies, customized data solutions, and a wide range of securities services solutions that can be tailored to meet clients&rsquo; needs.
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>
Media Contact
Richard Bicknell: <a href="mailto:richard.bicknell@citi.com" data-link-source="tiny">richard.bicknell@citi.com</a>&nbsp;
<div><hr />
<div id="ftn1">
1As of 31 March 2023.
</div>
</div>

Citi Survey Shows Challenges Ahead from Accelerated Settlements 

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 

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Citi Aligns Organizational Structure with Its Strategy and Simplifies Operating Model

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