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[quote=MARRIE,266273]

Citigroup streamlining its corporate structure

Deseret News (Salt Lake City),  Feb 12, 2005  by Eileen Alt Powell Associated Press
NEW YORK -- Citigroup Inc., the nation's largest financial institution, on Friday announced that it was streamlining its corporate structure so the New York-based bank can be managed more efficiently.

The bank said it was merging its two main bank holding units into the parent company, consolidating capital markets operations and making other moves that appear aimed at simplifying its structure and increasing accountability.

Citigroup treasurer, Guy Whittaker, told analysts in a conference call the changes will improve liquidity, strengthen capital management and make the integration of acquired companies easier to accomplish.

He made no reference to recent scandals in Japan and Germany that have gotten the bank in trouble with foreign regulators.

Citi was forced to close its private bank in Japan last year for ethical lapses, including failure to check properly for possible money laundering operations. In Europe, Citigroup bond traders sought to boost profits by buying large amounts of futures contracts on German government bonds, driving up the price, then selling the bonds on other markets for a quick profit.

Asked about the European scandal, Citi's chief financial officer, Sallie Krawcheck, said that Germany's investigation was focused on the individuals involved in the trades and that the bank was cooperating.

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