Charles O. Prince Named Chief Executive Officer; Robert B. Willumstad, President, Named Chief Operating Officer
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NEW YORK--(BUSINESS WIRE)--July 16, 2003--

Changes Effective By January 1, 2004;
Sandy Weill To Continue As Chairman

Sanford I. Weill announced today that Charles O. Prince, 53 will
become Citigroup's Chief Executive Officer and Robert B. Willumstad,
57, President, will become Chief Operating Officer by January 1, 2004.
Both were elected to the Citigroup Board of Directors yesterday. Mr.
Weill, 70, will remain Chairman of the Board until the 2006 Annual
Meeting of Citigroup shareholders, focusing on the company's
relationships with customers and government officials and providing
input on strategic issues.

Culmination of Succession Planning Process
"I love Citigroup," said Mr. Weill. "I am proud of the
extraordinary value we've created for shareholders, but even prouder
of the quality of our people and the culture we have built together.
We are a company of 260,000 people who genuinely care about the
customers we serve and the communities of which we are a part, which
is why I feel privileged to be part of the Citigroup family.
"Together, we've proven there is no limit to what we can do. We've
forged a new model of a highly successful, global financial services
company, amassed a capital base that makes us a stable presence in
world markets, and through our global reach, can bring quality
products to new markets, contributing to the strengthening of the
worldwide economy. We have established ourselves as leaders in areas
such as the environment, diversity, and business practices, and
demonstrated our ability to tackle serious problems and come out
stronger for it.
"From the beginning of the succession process more than three
years ago, my hope was that the individuals who would lead Citigroup
to its next stage of growth would come from inside the company. The
subcommittee of the Board and I worked hard over these years to give
our executives the opportunity to build and demonstrate their talents
in a wide range of areas so, at the appropriate time, a seamless
transition could be made. The time is now. The company has excellent
momentum. We've dealt with painful issues and have demonstrated our
commitment to being a best practice leader in every business. Our team
is ready.
"I feel I still have a great deal to contribute, but will be doing
so in a different way. Having spent virtually every minute of more
than 40 years thinking about our company, I look forward to
concentrating on relationships with customers and government officials
and strategy, while I devote more time to other activities. Over the
course of many years, Chuck has demonstrated extraordinary talent and
enormous vision. In addition to his significant operational
experience, he recently reengineered our global corporate and
investment bank, not only transforming its culture, but rebuilding its
profitability and enhancing market share in key areas. Bob has done a
tremendous job leading our Consumer business driving compound annual
profit growth in that business of 24% over the past five years. He
will now be able to apply his expertise and talent more directly to a
much broader base of Citigroup businesses."
Franklin A. Thomas, Chairman of the Nominations and Governance
Committee of the Board and head of the Board's subcommittee on
succession, said, "Identifying and grooming a successor to Sandy was
probably the most challenging task any board has had to face. He is
without question one of the world's great business leaders, having
built tremendous value for shareholders while creating a new model for
our industry: a highly successful, global integrated financial
services company. We are pleased that he will remain Chairman of our
Board of Directors and look forward to his continuing contributions.
"Chuck and Bob are both extremely talented managers and leaders.
They have successfully dealt with complex operational issues and run
highly profitable businesses. Through their contributions to
Citigroup's creation and growth, they have demonstrated the vision
necessary to assure that Citigroup remains a positive and dynamic
force throughout the world."

Focus on Future Growth
Mr. Prince said: "Citigroup has a tremendous future and great
growth prospects. Bob and I have been partners for more than 17 years
and we look forward to continuing that partnership to assure that
Citigroup remains a leader in every respect - in the performance we
deliver, in the quality of the products and services we offer to
customers in more than 100 countries, and in the principles by which
we conduct our business. We will work together with Sandy and the rest
of our team to assure a seamless transition."
Mr. Willumstad said, "Citigroup is well positioned to succeed and
thrive. In partnership with Chuck and a management team that is second
to none, we will focus on improving how we serve the needs of our
customers, maintaining our operational discipline and focus, and
playing an important role in the communities we serve. As we succeed,
we will continue to build our company's value for shareholders."

New Leadership Structure
Under the new leadership structure to take effect by January, Mr.
Willumstad will work closely with Mr. Prince to see that each of the
company's businesses are ready to achieve new levels of growth and
development. In an expanded role, Mr. Willumstad will have direct
responsibility for the Consumer business, as well as Smith Barney, led
by Sallie L. Krawcheck; the Global Investment Management business, led
by Thomas W. Jones; Citigroup International, led by Sir Deryck C.
Maughan; and Citigroup Global Investments, led by Michael A.
Carpenter. The global corporate and investment bank will continue to
report directly to Mr. Prince.
Todd S. Thomson continues as Chief Financial Officer and will
assume additional responsibilities, reporting jointly to Mr. Prince
and Mr. Willumstad. Debby Hopkins, head of Strategy and Corporate
Services, will add responsibility for Mergers & Acquisitions and
Cross-Marketing and, along with Petros Sabatacakis, Citigroup's Senior
Risk Officer, will report to Mr. Thomson. Doug Peterson, Chief
Auditor, will continue to report directly to the Board's Audit
Committee and administratively report to Mr. Thomson.
Michael T. Masin, currently Vice Chairman and Chief Operating
Officer, will assist in the transition to the new leadership and will
then serve as a consultant for the company until the end of 2005. Mr.
Masin's direct reports including: Michael S. Helfer, General Counsel
and Corporate Secretary; Michael Schlein, head of Global Corporate
Affairs, Human Resources and Business Practices; Nicholas E. Calio,
head of Global Government Relations; and Pamela P. Flaherty, head of
Global Community Relations will now report jointly to Mr. Prince and
Mr. Willumstad.
Robert E. Rubin will continue in his role as Chairman of the
Executive Committee and, along with William Rhodes and Victor Menezes,
Senior Vice Chairmen, will continue to work with Mr. Weill.

Senior Leadership Expertise
Sandy Weill has been Chairman and Chief Executive Officer of
Citigroup since its inception in October 8, 1998 through the merger of
Citicorp and Travelers Group. Mr. Weill, who had been Chairman of
Travelers Group, became Chairman of its predecessor company Commercial
Credit in 1986, successfully leading the company through a public
stock offering by its then-parent. Commercial Credit acquired
Primerica Corporation in 1988 and adopted its name until 1993, when
the company acquired The Travelers Corporation and adopted the
Travelers Group name. That same year, the company also acquired the
retail brokerage and asset management business of Shearson Loeb Rhodes
from American Express Corporation. Mr. Weill had been Chief Executive
Officer of Shearson Loeb Rhodes when it was acquired by American
Express in 1981.
In 1997, the company acquired Salomon Inc. and combined it with
its Smith Barney unit to form the global securities and investment
firm Salomon Smith Barney. Prior to 1986, Mr. Weill had been President
of American Express Company and Chairman and Chief Executive of its
Fireman's Fund Insurance Company subsidiary. His affiliation with
American Express began in 1981, when the company acquired Shearson
Loeb Rhodes, whose origins dated back to 1960, when Mr. Weill and
three partners co-founded its predecessor, Carter, Berlind, Potoma &
Weill.
Mr. Prince has run the company's global corporate and investment
bank (GCIB) since last summer. During this time, Mr. Prince effected a
reengineering of the GCIB, instituting new business practices and a
culture of greater accountability, as well as a greater focus on
efficiency and strategic growth. As a result, the company was able to
achieve a strong rebound in profitability, with net income up 12% to
$2.74 billion in the first half of 2003. In addition, the GCIB
continued to rise in the league tables, ranking first in Investment
Grade Debt Underwriting, second in M&A, second in High Yield Debt
Underwriting, and third in Equity Underwriting in the second quarter.
Before joining the GCIB, Mr. Prince was Chief Operating Officer of
Citigroup, responsible for the management of operations and technology
activities on a worldwide basis and for finance, risk management,
legal, government relations, human resources, public relations, audit,
operations and technology and community relations. He began his career
as an attorney at U.S. Steel Corporation in 1975 and joined Commercial
Credit Company, a predecessor to Citigroup, in 1979.
Mr. Willumstad has been President of Citigroup since January 2002.
In addition, he serves as Chairman and CEO of the Global Consumer
Group, the position to which he was appointed in December 2000. As
such, he leads all of Citigroup's global consumer businesses including
Credit Cards, Consumer Finance and Retail Banking. This past year, the
Global Consumer Group was responsible for approximately 60% of
Citigroup's total earnings. In addition, Mr. Willumstad has oversight
of Citigroup's operations in Mexico. He also serves as CEO and
President of Citibank N.A. and Citicorp and is on their Board of
Directors.
He previously served as Vice Chairman of the Global Consumer Group
and led Citigroup's Global Consumer Lending. Prior to the formation of
Citigroup, he was Chairman and CEO, Travelers Group Consumer Finance
Services. Mr. Willumstad joined Commercial Credit, a predecessor to
Citigroup, in 1987, where in ten years, he played a key role in
expanding that operation from a small consumer finance company with
just $2.4 billion in consumer receivables and some 400 branches into
one of the industry's leaders, with more than $50 billion in
receivables and more than 2000 branches. Prior to joining Commercial
Credit, he spent 20 years in a variety of positions at Chemical Bank,
including president of Chemical Technologies Corporation.

Live Audiocast Alert:
A live audiocast of a 9:00 AM (EDT) investment community
teleconference to review the announcement will be available at
http://www.citigroup.com/citigroup/fin. Media are invited to
participate in the teleconference. An audio replay will be available
at http://www.citigroup.com/citigroup/fin/pres.htm.

Citigroup (NYSE: C), the preeminent global financial services
company with some 200 million customer accounts in more than 100
countries, provides consumers, corporations, governments and
institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment
banking, insurance, securities brokerage, and asset management. Major
brand names under Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers
Life and Annuity. Additional information may be found at:
www.citigroup.com.