Citi Makes New Appointments in APAC as Part of Restructuring

Citigroup has made new appointments in Asia Pacific following a sweeping global reorganization the U.S. bank announced on Monday, according to a person with direct knowledge of the matter.

Citi's Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its investment bank for the Asia North and Australia and Asia South Cluster, according to the source.

Former Asia corporate head bank Kaleem Rizvi has been appointed as the corporate bank head for Asia North and Australia, while K Balasubramanian was named as head of corporate banking for Asia South, the source added.

Gunjan Kalra will continue to lead Citi's commercial banking business for Asia North and Australia and Asia South, according to the source.

Citi announced Monday plans to cut management layers from 13 to eight as part of its biggest overhaul in decades.

In the top two layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in a third-quarter earnings presentation.

(Source: Reuters)