Citigroup (NYSE: C) Appoints Sam Itzcovitz as Global Head of Clearing and Financial Institutions Payments
Citigroup (NYSE: C) continues to shuffle it’s management team, promoting staff and attracting new personnell to deal with the bevy of challenges and opportunities confronting the firm. The most recent change is the appointment of Samuel Itzcovitz to be the Global Head of Clearing and Financial Institutions Payments for Citi Transaction Services.
In this role, Itzcovitz will be responsible for the growth, development and transformation of this important global business for Citi, and to work on developing strategies and execution plans to deliver on the potential of this business and to meet the increasingly complex and sophisticated needs of Citi’s clients in the Financial Institutions segment. In this role he will report to Ebru Pakcan, Citi’s Global Head of Payments.
Global Clearing is an important business for Citi, providing core payment services to financial institutions for the clearing of their treasury and commercial payments globally. The New York based banking giant is one of the premier providers of cross-border payments, boasting an unparalleled global network. As a result, Citi seeks to harness the local knowledge and expertise found with colleagues who operate in more than 100 countries around the world and bring that value to clients who can leverage Citi’s in-depth knowledge and understanding of how to do business most efficiently in foreign markets.
Executive changes at Citi are coming at a critical time for the firm. After struggling through this year’s Federal Reserve stress tests and the ouster of Chief Executive Vikram Pandit, investors are clammoring for returns. The ship may ultimately be righted under new CEO Michael Corbat, but his broad leadership team will be under fire for the foreseeable future, similar to Brian Moynihan’s work down at Bank of America (NYSE: BAC).
Itzcovitz has been with Citi Transaction Services in Australia for eight years and has led a number of divisions over that time across Product Management, Client Sales Management, Public Sector and the Bank Services Group. Most recently he led the Treasury & Trade Solutions business for Australia and New Zealand, with responsibility for the full suite of cash management, trade services and trade finance offerings. Sam also headed the Bank Services Group from its inception in Australia and New Zealand in 2008, helping to create a market-leading franchise and delivering exceptional growth in Clearing and the FI Payments segment.
Organizationally, Citi Transaction Services is a division of Citi’s Institutional Clients Group, amd offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi’s Transaction Services supports over 65,000 clients. As of the third quarter of 2012, it held on average $415 billion in liability balances and $12.8 trillion in assets under custody.