Usually Citi upper management when faced with not knowing what to do, often re-orgs. They know they have to do something but aren’t sure what, so a re-org buys them some time. It buys them a year in the eyes of the board.
Citi is at the cross roads now trying to recover from several obvious failures.
Revlon, Russia, law suits etc…. So the shell game so far has been don’t pay attention all that, we have ESG, we are revamping the UK office. The shell game has lost its luster.
Now its time to pull out an oldie but a goodie. The good ole re-org. Once triggered, they can prop their feet up on the desk and just sit back. Most likely this will come into play right at the beginning of the upcoming recession. Time will tell if this happens or not but we are overdue.