Citigroup Reorganizes to Boost Global Focus

Citigroup Inc. said it is reshuffling top management to centralize global responsibility, but the latest changes left Wall Street wondering who would take over as head of the No. 1 U.S. financial services company.

Citigroup, which runs banking, brokerage and insurance operations in 100 countries, named emerging markets head Victor Menezes a senior vice chairman in charge of ties with top customers and regulators.

Menezes, seen as a possible successor to Chairman and Chief Executive Sanford Weill, also would head acquisitions and lead recruiting efforts outside the U.S.

Deryck Maughan would run a new regionally focused unit called Citigroup International to oversee foreign business.

The changes come as Wall Street analyzes Citigroup’s not infrequent management announcements for clues about an heir to Weill.