CEEMEA Sales and Trading
Citicorp and Travelers Group have spun one of the best business mergers in history. This merger introduced CEEMEA as technological powerhouse in between the years of 2000 and 2002. The operations of this unit have created substantial market gain for Citigroup, proving that information systems can be placed in the forefront as the leading business strategy. This paper will analyze the corporate efforts of this unit and the overall business impact on Citigroup. Citigroup is one of the largest financial services firms known to man. Citigroup, also known as Citi, has over 200 million customer accounts and does business in more than 160 countries (Forbes, 2012). It offers deposits and loans (mainly through Citibank), investment banking, brokerage, wealth management, and other financial services. In addition to Citibank, it owns stakes in several international regional banks and has more than 50 million Citigroup-branded credit cards in circulation. However, Citigroup has been selling dozens of underperforming and noncore businesses in the aftermath of the financial crisis in order to refocus on its original mission; traditional banking. The business ventures of CEEMEA have become noticeably historical. The transition of their IT infrastructure has placed CEEMEA into the IT spotlight, placing Citigroup into the competitive markets with such financial institutes as Bank of America and J.P. Morgan. Citigroup established itself as one the largest financial institutes on October 9th 1998 (Wikipedia, 2012). This situation came into existence with the merger of Citicorp and Travelers Group. The deal would enable Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions’ access to an expanded client base of investors and insurance buyers (Wikipedia, 2012). However, this wasn’t the only element that contributed to the success of CEEMEA. In 2008, the introduction of Suneel Bakhshi was appointed leader of CEEMEA Sales & Trading Business at Citigroup. He launched Citigroup to a whole different technical realm. The innovative mind of Suneel Bakhshi reinvented the IT Infrastructure. Suneel Bakhshi believed changing the internal systems of CEEMEA would place them ahead of their competitors. Suneel Bakhshi understood information leverage was needed; therefore, decision-making and product innovation IT applications were built to serve this purpose (Chung, 2007). He also brought fresh new talent with him to help implement these changes. Combining new talent with innovating technology, greatly improved the company’s business process by mid-2003. The team had a better understanding of other internal units. This understanding lessens the tension between divisions, which opens the door for trust and promotes sharing of knowledge amongst each other. In three years, the company saw a double in profits. This ultimately placed CEEMEA back into the competitive market, but this turn around did not come without analytical effort. Before reconstructing, deconstruction was needed as well. Before taking the position as head of CEEMEA, Bakhshi evaluated what was wrong with the original infrastructure and where improvement should be centralized. A huge problem became evident through this analysis by noticing that core applications were neglectful to customers. Developing applications that captures customer insight and input was important to the development of their ideal infrastructure. Applications that became a vital part of their success were the use of IO Diagnostic Tool and the IO Dashboard from Enterprise IQ. They also built a robust intranet platform for reporting, risk and credit management, trading information flow management, and a fully functional client relationship management (CRM) application (Chung, 2007). The CRM has the ability to multitask multiple client information. This feature ultimately aided in the effort to speed up...
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