Robert Druskin has been appointed to the newly created position of President and Chief Operating Officer of Citigroup’s global corporate and investment bank (GCIB), Chairman and Chief Executive Officer Michael A. Carpenter today announced. In his newly created role, Druskin will have responsibility for Equity Research, CitiCapital, Finance, Risk Management, Legal, Human Resources and Corporate Communications. Druskin will also retain his position as Chief Operations and Technology Officer for Citigroup, and also continue reporting to Citigroup Chief Operating Officer Charles O. Prince, as well as continue to serve as a member of Citigroup’s Management Committee.
Carpenter also announced an expanded role for Frank Bisignano, Senior Executive Vice President and Chief Administrative Officer. In addition to continuing oversight of all GCIB Operations & Technology, Bisignano will assume responsibility for the GCIB’s e-Commerce efforts, as well as Citigroup’s transaction services businesses, including e-Business and Global Securities Services. The latter two, along with the corporate businesses in the Emerging Markets, were added to Carpenter’s responsibilities during the recent Citigroup reorganization. In addition, Bisignano will join Citigroup’s Management Committee.
Carpenter also announced that Michael Klein will be Chief Executive Officer of the GCIB in Europe, and will assume responsibility as the Chairman of the European Operating Committee. He will continue to serve as co-head of the Global Investment Banking Division.
The GCIB’s other businesses, as well as regional business heads in Europe, Japan and the emerging markets, will continue reporting to Carpenter directly. They include the Private Client Group, Global Fixed Income, Global Equities, the Investment Banking Division and the Global Relationship Bank. The Municipal Securities Division will now report to Tom Maheras, Vice Chairman, as will Phibro and the prime brokerage business. These are in addition to his ongoing responsibility for Global Fixed Income and Foreign Exchange.
“Given the rapidly evolving landscape throughout our industry and my newly expanded responsibilities, I decided to streamline the GCIB’s organizational structure,” Carpenter said. “The new management structure accomplishes several key goals, including further separating reporting lines between research and investment banking and thereby strengthening the independence of our research function.”
Additionally, Carpenter noted, “This move reduces the number of my direct reports significantly, allowing me time to prioritize how best to meet our business’ strategic and operational objectives, as well as how best to make the new Citigroup global organizational structure work most effectively.”
Druskin joined Smith Barney in 1991 as Senior Executive Vice president and Chief Administrative Officer where he remained until 1996, when he served for just over a year as head of Asset Management and the Futures Division. He returned to his role as CAO in 1997 until assuming his current role at Citigroup in 1999. In this position, Druskin, 55, oversees operations and technology, purchasing, shared services, real estate and continuity of business planning across the company. He also shares responsibility for its anti-money laundering activities. Druskin’s relationship with Citigroup dates back to 1969 when he joined Shearson Hammill & Co., where he was named Treasurer in 1980 and Chief Financial Officer in 1984.
“Bob will be returning to a business that he knows well and to a team of professionals who recognize his talent, experience and integrity and who respect him enormously,” Carpenter said. “These are among the factors that were instrumental in my asking him to rejoin our organization.”
Carpenter noted, “Bob is someone I know will help lead our organization as we continue to move forward.”
Bisignano, 43, joined Smith Barney in 1994 and was head of Global Operations and Information Technology for the GCIB before becoming CAO in August 2000. Prior to joining the company, he was an Executive Vice President at First Fidelity where he was the Chief Consumer Lending Officer. Before that he was a Senior Vice President at Lehman Brothers.
“Frank has done a terrific job of the improving the efficiency and service levels of our operations and technology functions in the GCIB,” Carpenter noted. “I’m pleased to give him additional responsibilities that I’m confident he will execute well.”
Michael Klein joined SSB in 1985 as a member of the Salomon Smith Barney Merger and Acquisition Group. In 1999, he was named a Head of the Firm’s European Investment Bank. Prior to that he was responsible for the firms Private Equity advisory practice. In 2000, he was named Co-Head of Firm’s Global Investment Bank. In this capacity, Klein shares responsibility for the Firm’s corporate relationship, advisory, and financing activities.
“Michael has done a great job for us as co-head of the Investment Bank, which has now become number one globally as measured by revenues.” Carpenter said. “He has not only made a crucial impact on the successful merger of Schroder’s and Salomon Smith Barney, but he continues to be a driving force behind our European strategy.”
These organizational changes are effective immediately.