---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-100516"
form_type: "8-K"
ticker: "C"
cik: "0000831001"
company_name: "CITIGROUP INC"
filed_at: "2023-09-13T23:59:59+00:00"
generated_at: "2026-06-10T19:40:34.351226+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Citi to eliminate ICG and PBWM layers, restructure into five new segments effective Q4 2023

## Summary
- Peter Babej steps down as Asia Pacific CEO, becomes Interim Head of Banking until H1 2024 retirement.
- Anand Selvakesari exits PBWM CEO role, remains Citi COO and Executive Management Team member.
- Paco Ybarra retires as ICG CEO, becomes Senior Advisor until H1 2024 retirement.
- New operating model eliminates ICG and PBWM, creates five segments: Services, Markets, Banking, Global Wealth Mgmt, US Personal Banking.
- Citi expects restructuring charges through first half of 2024 as additional phases of simplification are implemented.

## SEC filing metadata
- accession: 0001104659-23-100516
- form_type: 8-K
- ticker: C
- cik: 0000831001
- company_name: CITIGROUP INC
- filed_at: 2023-09-13T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/831001/000110465923100516/0001104659-23-100516-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/831001/000110465923100516/c-20230913x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-100516
- JSON: https://secwatch.observer/filing/0001104659-23-100516.json
- Plain text: https://secwatch.observer/filing/0001104659-23-100516.txt

## Key facts
- Executive change
  Anand Selvakesari resigned as Chief Operating Officer at CITIGROUP INC.
  - Action: resigned
  - Role: Chief Operating Officer
  source text: Anand Selvakesari will no longer serve as Chief Executive Officer of Personal Banking and Wealth Management (PBWM) of Citi. Mr. Selvakesari will continue in his role as Citi’s Chief Operating Officer, and as a member of Citi’s Executive Management Team, reporting to Citi’s Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/831001/000110465923100516/0001104659-23-100516-index.htm
- Executive change
  Paco Ybarra was appointed as Senior Advisor at CITIGROUP INC.
  - Action: appointed
  - Role: Senior Advisor
  source text: Paco Ybarra, who as previously disclosed (see Exhibit 99.1) will retire in the first half of 2024 on a date to be determined, will no longer serve as Chief Executive Officer of the Institutional Clients Group (ICG) of Citi and will cease to be a Citi executive officer (Section 16 insider). Mr. Ybarra will become a Senior Advisor to Citi’s Executive Management Team and will serve in that capacity though his retirement date, reporting to Citi’s Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/831001/000110465923100516/0001104659-23-100516-index.htm
- Executive change
  Peter Babej was appointed as Interim Head of Banking at CITIGROUP INC.
  - Action: appointed
  - Role: Interim Head of Banking
  source text: Peter Babej will no longer serve as Chief Executive Officer of Citi’s Asia Pacific region. Mr. Babej will serve as Citi’s Interim Head of Banking and as a member of Citi’s Executive Management Team, reporting to Citi’s Chief Executive Officer, Jane Fraser, through his retirement effective in the first half of 2024 on a date to be determined.
  evidence_url: https://www.sec.gov/Archives/edgar/data/831001/000110465923100516/0001104659-23-100516-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.