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CitiFX saw record levels of activity on Thursday, 06JUN2013 in terms of the number of trades processed, surpassing the previous record set on 23MAY2013. The average daily number of tickets processed in June is 20% higher than in May. In annualized terms, 60% more tickets are going through the system than a year ago. Turnover in JPY accounted for 43% of the tickets generated on 06JUN2013

While the focus tends to be on front-end efficiency, it has to be remembered that if the back end of the deal chain cannot cope with the number of deals that have been transacted, then the whole system will grind to a halt
,” said Stuart Riley, Global Head of IT for CitiFX

“The number of tickets generated is at levels that were almost unimaginable just two years ago. We’ve had to plan very carefully and ensure that our systems are scalable to cope with these demands. That is a serious challenge for most institutions,” he added.

It may be recalled here that Citi implemented Quantum FX last year. Quantum FX is Foreign Exchange Back Office system using in-memory data processing spread across parallel servers built using open source Java components running on Linux and on a high performance framework reused from equities front office.

Quantum FX got the following award and recognition in Banking Technology Awards 2012 in Dec 2012. It was published in Banking Technology magazine Jan/Feb 2013 issue.
1. Citi won in The Judged category Best use of Technology in Investment Banking
2. Polaris Financial Technology was Highly Commended in the The Readers Choice Category Best Post Trade Processing Product or Service

CitiFX Wire, the bank’s in-house news and information service, also enjoyed a record day in terms of articles read. “We have a constant flow of information being published in real time from our staff around the world. Clients are increasingly reading this to help with their trading decisions, and also to find out why the markets are moving. There is a clear correlation between market activity and the number of hits we see on CitiFX Wire content,” said Riley.

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Citi CEO Mike Corbat today announced the roles and responsibilities of the members of his management team and appointed Jamie Forese and Manuel Medina-Mora as Co-Presidents of Citi. Mr. Forese will be responsible for all of Citi’s Institutional businesses, and Mr. Medina-Mora will continue to oversee Global Consumer Banking and Citi’s franchise in Mexico.

The Operations & Technology functions supporting the Institutional and Consumer businesses will now directly report to Mr. Forese and Mr. Medina-Mora, respectively, to better align the functions with the priorities of each business and improve efficiency.

Below are the team member roles

  • Jamie Forese and Manuel Medina-Mora will become Co-Presidents. Jamie will now be responsible for each of citi’s Institutional businesses and Manuel will continue to oversee Global Consumer Banking and franchise in Mexico. Manuel and Jamie have both been part of Citi and its predecessor companies for their entire careers.
  • Operations & Technology is reorganized. The divisions supporting the Institutional and Consumer businesses will now report to Jamie and Manuel, respectively, while working closely with Don Callahan. This change is to better align the priorities and strengthen accountability between client-facing businesses and their support function as Citi continues its efforts to become a fully digital bank and improve efficiency through the organization. As Head of O&T, Don will continue to directly manage Enterprise O&T function and be responsible for all shared infrastructure and for ensuring systems are regulatory-compliant.
  • Jim Cowles will become CEO of Europe, the Middle East and Africa. Jim is a Citi veteran who has spent much of his career in EMEA and has worked with Mike Corbat very closely last year
  • Bill Mills, in addition to serving as CEO of North America, will now oversee Community Development as well as International Franchise Management, in which role he will have responsibility for corporate governance in 101 countries.
  • Francisco Aristeguieta, CEO of Latin America, and Stephen Bird, CEO of Asia Pacific, will continue in their current roles as we execute a strategy that leverages citi’s unique footprint in the emerging markets.
  • John Gerspach will continue to be Chief Financial Officer, and will spearhead Expense Management, Enterprise Payments and Citi Ventures initiatives as well.
  • Brian Leach will be taking on responsibility for additional functions which safeguard Citi’s license to do business. As Head of Franchise Risk and Strategy, he will now oversee Audit, Compliance and Strategy. Brad Hu, currently Head of Risk for Asia Pacific, will become Citi’s Chief Risk Officer and report to Brian.
  • Gene McQuade will continue to serve as CEO of Citibank, N.A., while overseeing Citi Holdings and Japan.
  • Ed Skyler, Head of Public Affairs, will oversee the Citi Foundation in addition to his current responsibilities, which include Branding & Sponsorships, Communications, and Government Affairs.
  • Paul McKinnon, Head of Human Resources, and Rohan Weerasinghe, General Counsel and Corporate Secretary, will both continue to serve in their respective positions.
  • Sara Wechter will serve as Chief of Staff.
  • Vice Chairman Lew Kaden after more than seven years with the firm, plans to retire in the coming weeks. Lew, who was previously Chief Administrative Officer, helped guide Citi through some difficult times, while strengthening its relationships with clients and governments.

Citibank has successfully completed 200 years of banking service today. Citi is commemorating this special occasion as Global Community Day 2012. Congratulations.

For this special occasion, Citi has prepared an interesting campaign that includes special website (http://citi.com/200 ), photos, videos and Facebook apps showcasing what happened over the course of 200 years. It pioneered 24/7 ATM in 1977.

Ever since being founded by Samuel Osgood in 1812, it has been involved in some of the biggest ideas in modern history.

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Citi CEO Vikram Pandit discusses the financial crisis, leading complex organizations and future of banking at the Stanford Graduate School of Business. He was interviewed by MBA student

Citi announced the creation of a new business unit – Global Enterprise Payments — to develop comprehensive institution-to-consumer and consumer-to-institution payments solutions for the world’s largest global corporations and financial institutions, as well as governments. Global Enterprise payments represent a significant growth opportunity for Citi, in which it is well-positioned to be the industry leader.

Vikram Pandit, Citi CEO said, “With our unmatched global footprint and services infrastructure, no one other than Citi can capitalize on the opportunities in the services area. Enterprise Payments is a natural intersection between our consumer and institutional businesses that will engineer innovative solutions for our clients.

Paul Galant will lead this and serve as CEO and will leverage Citi’s industry leading services from its Global Transaction Services (GTS) and Citi Cards businesses. He will work in partnership with Francesco Vanni d’Archirafi, CEO of GTS and Jud Linville, CEO of Citi Cards to ensure that the collective power of both franchises are represented in this critical effort. With his deep knowledge of both institutional and consumer payments, Paul will wield Citi’s industry-leading wholesale and retail payment capabilities across regions and organizations globally.

Prior to this, Paul has served as CEO of Citi Cards (where he led the NA Branded Cards and International Cards businesses through a period of massive industry and regulatory change, significantly enhanced its innovation pipeline and prepared the business for future growth) and before this as CEO of GTS.

Paul Galant, CEO of Global Enterprise Payments said, “This is an exciting new opportunity for Citi that will significantly benefit our institutional clients. By developing services that enable our clients to interact more efficiently with their customers, we will create incremental revenue opportunities for both our clients and for Citi.”

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J.P. Morgan , in its press release, announced new leadership positions in its Treasury and Securities Services (TSS) business, as the global provider of cash management, trade finance, custody, fund administration and liquidity solutions enhances its executive team to best serve the evolving needs of clients.

Donald McCree has been appointed CEO of J.P. Morgan Treasury Services. He will be based in New York and report to Michael Cavanagh, Chief Executive Officer, J.P. Morgan Treasury & Securities Services. He has an outstanding track record of leadership and risk management, most recently serving as an Executive Vice President in JPMorgan Chase’s Finance group, focusing on Treasury, Corporate Finance and Corporate M&A. Prior to that he was head of the Investment Bank’s Global Credit business, and over his career he held a number of other senior positions across JPMorgan Chase’s Investment Banking and Risk groups, both in the United States and in London.

Claudia Slacik has been appointed CEO of TSS in Europe, Middle East and Africa. She is based in London and was most recently was Chief Financial Officer of TSS. Her career has spanned 30 years in the financial services industry, and she has a breadth of finance, strategy, risk and management experience. Before joining J.P. Morgan in 2009, Slacik served in a number of positions in her 16 years at Citigroup, most recently as Global Head of Client Strategy for Citi’s $10 billion Global Transaction Services Group, prior to which she was Citi’s Global Head of Trade Services and Finance.

Tom DuCharme is now CEO of TSS in the Asia Pacific region. He is based in Singapore and has more than 20 years of financial services experience, with a strong track record in the Asia Pacific region. He joined J.P. Morgan from Deutsche Bank, where for the last five years he was the Head of Global Transaction Banking Asia Pacific. Prior to this, he spent 15 years at Citi, also in transaction banking.

Given TSS’s significant international presence and growth agenda, the regional CEOs will help drive expansion in Asia Pacific and EMEA, and will execute J.P. Morgan’s international growth plans in conjunction with the firm’s Global Corporate Bank.

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Citi CEO Vikram Pandit and his team have started blogging at http://new.citi.com

They intend to to share ideas and create dialogue on all sorts of topics ranging from the global economy to personal finance, from microfinance to mobile technology.

Vikram’s Video – The cornerstone of a new Citi: Responsible Finance

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