Citi Announces New Corporate Organizational Structure and Leadership Team

Client-Focused Reorganization Driven by Global Business Reviews

New Structure Streamlines Decision-Making, Promotes Partnership
and Collaboration throughout the Global Business

New Organization Centralizes IT and Corporate Functions, Driving
Greater Efficiency and Cost Control
NEW YORK--(Business Wire)--
Vikram Pandit, Citi's Chief Executive Officer, today announced a
comprehensive reorganization of Citi's structure to achieve greater
client focus and connectivity, global product excellence, and clear
accountability. The new organizational structure will allow Citi to
focus its resources towards growth in emerging and developed markets
and improve efficiencies throughout the company.

Citi has established a regional structure to bring decision-making
closer to clients. It is empowering the leaders of the geographic
regions with the authority to make decisions on the ground. These
geographic regions are each led by a single chief executive officer
who reports to Mr. Pandit. Asia Pacific, including Japan, will be led
by Ajay Banga. Western Europe, Middle East and Africa will be headed
by William Mills. The Central and Eastern European region will be led
by Shirish Apte. Manuel Medina Mora will continue to lead Mexico and
Latin America.

In addition, Citi has reorganized its consumer group into two
global businesses - Consumer Banking and Global Cards. The company
announced today in a separate press release that Teresa A. "Terri"
Dial will join Citi as Global Head of Consumer Strategy and CEO of
Consumer Banking in North America. Citi has also consolidated its
United States and international credit card businesses into a single
global business led by Steven Freiberg, CEO of Global Cards.

Institutional Clients Group and Global Wealth Management, which
are already organized as global businesses, will continue to be led by
John Havens and Sallie Krawcheck, respectively. The four global
businesses will allow Citi to deliver on product excellence in close
partnership with the regions. The product leaders also will report to
Mr. Pandit.

"Our new organizational model marks a further important step along
the path we are pursuing to make Citi a simpler, leaner and more
efficient organization that works collaboratively across the
businesses and throughout the world to benefit clients and
shareholders," said Mr. Pandit. "With this new structure, we reinforce
our focus on clients by moving the decision-making process as close to
clients as possible and assigning some of our strongest talent to lead
the regional areas and global product groups."

As part of the reorganization, in order to drive efficiency and
reduce costs, Citi will further centralize global functions, including
information technology (IT), legal, human resources, and branding. By
centralizing these global functions, particularly IT, Citi will reduce
unnecessary complexity, leverage its global scale, and accelerate
innovation. Risk is already centralized.

The business reorganization reflects priorities outlined by Mr.
Pandit, who has been conducting intensive business reviews since being
named CEO, to drive greater cross-business collaboration; eliminate
bureaucracy and create a nimbler, more client-focused organization;
ensure strong risk management and capital resources; and drive cost
and operational efficiencies to generate additional shareholder value.

Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100
countries, providing consumers, corporations, governments and
institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment
banking, securities brokerage, and wealth management. Citi's major
brand names include Citibank, CitiFinancial, Primerica, Smith Barney,
Banamex, and Nikko. Additional information may be found at
www.citigroup.com or www.citi.com.

Citigroup Inc.
Media:
Shannon Bell, 212-793-6206
Michael Hanretta, 212-559-9466
Christina Pretto, 212-559-9560
or
Investors:
Scott Freidenrich, 212-559-2718
or
Fixed Income Investors:
Maurice Raichelson, 212-559-5091

Copyright Business Wire 2008