Citigroup Inc said, on Monday, it was creating regional banking units as well as global credit card and consumer banking organisations, as the banking giant seeks to become more nimble.

The reorganisation is a major move for Vikram Pandit, who was named as Chief Executive of Citigroup in December. He replaced Charles Prince, who left in November under pressure from shareholders frustrated by the bank's performance.

Important step

“Our new organisational model marks a further important step along the path we are pursuing to make Citi a simpler, leaner and more efficient organisation,” Mr Pandit said in a statement.

In January, Citi announced plans to raise $14.5 billion, slash its dividend and cut 4,200 jobs to shore up its balance sheet after a write-down for mortgages led to a $9.83 billion quarterly loss.

With the aim of bringing decision making closer to customers, Citi is creating regional units, each headed by a chief executive.

The regional CEOs will report directly to Mr Pandit and will be empowered to make decisions on the ground, the company said.