2023-03-22 06:05:18 ET
- As per the memo seen by Reuters, Citigroup ( NYSE: C ) announced that Anand Selva, the head of consumer banking operations, will also serve as the company's chief operational officer.
- In that capacity, Mr. Selva will be in charge of overseeing the massive "transformation" the bank is undergoing in order to modify its risk-management practises and respond to regulatory compliance decrees.
-
- The memo stated that Peetz, the chief administrative officer, will stay on until May to support Anand Selvakesari.
-
- Chief Executive Jane Fraser said, the move comes as Citi moves from developing its plan to putting the changes into practice.
-
- Shares were marginally higher in Wednesday's premarket session.
-
- A quick comparison of Citi's YTD performance vs. broader market index and its peers.
-
- Amid the recent sell-off of banking stocks, see why SA contributor Juxtaposed Ideas says, " Combined with the influx of new customers/deposits over the past week, we reckon C's available liquidity sources remain more than robust no matter the macro outlook ."
For further details see:
Citigroup names Anand Selvakesari to succeed Karen Peetz as COO - report