Citi is shaking up its consumer bank - and a key executive is out

Larry French/AP

Citigroup is shaking up its consumer banking unit.

The bank announced Monday several changes in the top rungs of management within its Global Consumer Banking division in an effort to "align our structure with our strategy," Stephen Bird, the CEO of the division, wrote in a memo viewed by Business Insider.

Citi's consumer operation in the US is moving to a regional model - which is how its retail operations in Mexico and Asia are currently organized - a restructuring that will come with two new roles:

"Today, I am announcing a new organizational structure and two new roles to harmonize our operating model globally. This will intensify efforts to win in the U.S., our largest market, and drive greater client- centricity across product, segment and geography," Bird said in the memo.

"This action aligns the U.S. franchise with the regional model deployed in Asia and Mexico where we have seen the benefits of cross-product synergies, greater collaboration and accelerated speed to market and decision- making," he continued.

This story is developing.