Citigroup Reorganizes to Boost Global Focus
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Citigroup Inc. said it is reshuffling top management to centralize global responsibility, but the latest changes left Wall Street wondering who would take over as head of the No. 1 U.S. financial services company.
Citigroup, which runs banking, brokerage and insurance operations in 100 countries, named emerging markets head Victor Menezes a senior vice chairman in charge of ties with top customers and regulators.
Menezes, seen as a possible successor to Chairman and Chief Executive Sanford Weill, also would head acquisitions and lead recruiting efforts outside the U.S.
Deryck Maughan would run a new regionally focused unit called Citigroup International to oversee foreign business.
The changes come as Wall Street analyzes Citigroup’s not infrequent management announcements for clues about an heir to Weill.
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