Donald Smith, Citibank’s long-standing vice-president, global product manager for trade, based in Stamford, Connecticut, has left the bank amid rumours of reshuffling and changes at the bank.
Several observers say that more change may well be afoot at the bank, as it pushes its position as an emerging markets specialist. One says: “Citibank has high capital requirements, so it needs high returns. Emerging markets offer these. It has been moving functions to regional processing centres such as India and in London alone, the back office staff has been reduced by a third from around 200 people a few years ago.”