Citigroup to split Institutional Clients Group's operations, tech functions

Citigroup Inc is planning to split the operations and technology functions of its unit, Institutional Clients Group, which contributed about 63% of the Wall Street bank's total third-quarter revenue.

The reorganization plan for the unit that houses banking, markets, securities services among others was shared by the bank in an internal memo by unit Chief Executive Paco Ybarra on Wednesday. A Citi spokesperson confirmed the content in the memo when contacted by Reuters.

The operations and technology teams "will continue to work closely with our businesses to develop innovative solutions that make it simpler for our clients to work with us," Ybarra said in the memo.

Stuart Riley, who currently heads the operations and technology units at ICG, will now only manage the technology team. Allison Szmulewicz, who was leading the unit's Latin American operations and technology functions, will now serve as the interim operations chief.

(Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi Aich)