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Essay / Research Paper Abstract
This 4-page paper discusses Citigroup Inc.'s changes based on the Lewin Change Model. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTcitichan.doc
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Unformatted sample text from the term paper:
and other products (Ramirez, 2010). Citigroup is also an institution that has been forced to change because of environmental factors. Much like other
financial institutions in 2007-2008, Citigroup had a huge exposure to toxic assets (i.e., failed mortgage-backed securities) and, as a result, ended up restructuring itself into two main segments (Ramirez, 2010).
These are Citicorp, which handles regional consumer and institutional banking units and Citi Holdings, which oversees brokerage and consumer finance units (Ramirez, 2010), as well as an umbrella set-up for
assets it wants to sell (Peters, 2010). Other moves made by Citigroup included selling its Diners Club North American franchise, as well as
selling a $1.93 billion Canadian MasterCard portfolio to CIBC; a $3.5 billion real estate loan portfolio to JPMorgan Chase, a $3.2 billion automobile loan portfolio to Santander and a $1.6
billion portfolio of real estate credit assets to GE (Ramirez, 2010). The company also combined wealth management units Smith Barney with Morgan Stanleys Global Wealth Management Group and the UK-based
Quilter to create Morgan Stanley Smith Barney, of which it owns about 49% (Ramirez, 2010). The company has indicated, however, that it will eventually sell the stake in this venture
(Ramirez, 2010). But the organization is still in the process of changing - if we examine the Lewin Change Model of unfreeze-change-refreeze,
we can safely suggest that Citigroup is still in the "change" portion of this model. After having divided its assets into those it wants to keep versus those it wants
to sell, Citigroup is still busy selling (Peters, 2010). Nor is the company just busy selling assets - it has also reduced
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