Druskin aims to seize the initiative
Bob Druskin is president and chief executive of Citigroup’s corporate and investment bank. He joined Smith Barney in 1991 as chief administrative officer and worked in a number of businesses, including asset management and operations. He became president and chief operating officer of the CIB in August 2002 and was appointed chief executive in December 2003. <br><br> One of his first tasks was to reorganize the CIB. Today the bank comprises three units: global banking, global markets and global transaction services. Running in parallel to this structure are the regions. <br><br> Druskin spoke to Euromoney in New York about the restructuring and the challenges that lie ahead. Sudip Roy reports.
One of the criticisms of the bank is that there’s a battle between product and geography. What’s your view on this?
If you had asked me that question two years ago I would have given a different answer. Two years ago, and historically in the CIB, the global products had a greater than 50% weighting. Now I would say it’s much more even. We set that out as a goal and we make sure that we get agreement on important issues where product and region intersect, such as key personnel decisions – for example, budgets. We have come a long way in balancing the two.
Is the reorganization of the CIB now complete?
No organization is ever static but you should not expect major shifts. We’re pretty comfortable with the organization as it stands, in terms of structure. It’s been less than two years since the reorganization. It’s working to our satisfaction. It doesn’t mean we’ll never make any changes. Nothing is without change.