Medina Mora Keeps LatAm After Citi Shuffle

Manuel Medina Mora will continue to lead Citi’s Mexico and Latin America operations following a comprehensive global reshuffle. According to Citi CEO Vikram Pandit, the reorganization will allow the bank to focus resources on growth in emerging and developed markets and improve efficiencies. “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,” says the bank, which is under pressure after significant mortgage-related losses. Medina will report directly to Pandit, as will the heads of the following units: Asia Pacific, including Japan; Western Europe, Middle East and Africa; and Central and Eastern Europe. Citi has also reorganized its consumer group into two global businesses – consumer banking and global cards. It will also further centralize global functions, including finance, IT, legal, human resources, and branding.