Citigroup to split Institutional Clients Group’s ops, tech units Citigroup Inc (NYSE:C) is trading down 1.16% at 67.28 Citigroup Inc (NYSE:C) 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
Market News – U.S. stock markets opened weakly on Monday, on fears that a third wave of the coronavirus pandemic will push back the day when economic life can get back to normal. Failure by politicians in Washington to make any progress in passing a support package to bridge the gap until that day has also weighed on sentiment. By 9:35 AM ET (1335 GMT), the Dow Jones Industrial Average was down 326 points, or 1.1%, at 28,010 points. The S&P 500 index was down 0.9% and the Nasdaq Composite was down 0.4%. All three indexes have now been trending downward for the last two weeks. The U.S. is clearly experiencing a third wave of the pandemic with just a week to go before the election. Hospitalization rates have risen by around half over the last month to their highest since August, while the seven-day moving average for deaths has been trending up for nearly two weeks. Whether the economy has adapted enough in the last six months to ride out the new wave seems open to question, with i