Citigroup Inc. today announced a new organizational structure and leadership team.

The U.S. banking giant said it has established a regional structure to bring decision-making closer to clients. It is empowering the leaders of the geographic regions with the authority to make decisions on the ground. These geographic regions are each led by a single chief executive officer who reports to CEO Vikram Pandit.

Asia Pacific, including Japan, will be led by Ajay Banga. Western Europe, Middle East and Africa will be headed by William Mills. The Central and Eastern European region will be led by Shirish Apte. Manuel Medina Mora will continue to lead Mexico and Latin America.

In addition, Citi has reorganized its consumer group into two global businesses — consumer banking and global cards. The company announced today in a separate press release that Teresa Dial will join Citi as global head of consumer strategy and CEO of consumer banking in North America. Citi has also consolidated its US and international credit card businesses into a single global business led by Steven Freiberg, CEO of global cards.

The institutional clients group and global wealth management, which are already organized as global businesses, will continue to be led by John Havens and Sallie Krawcheck, respectively.

“Our new organizational model marks a further important step along the path we are pursuing to make Citi a simpler, leaner and more efficient organization that works collaboratively across the businesses and throughout the world to benefit clients and shareholders,” said Pandit. “With this new structure, we reinforce our focus on clients by moving the decision-making process as close to clients as possible and assigning some of our strongest talent to lead the regional areas and global product groups.”

As part of the reorganization, in order to drive efficiency and reduce costs, Citi will further centralize global functions, including information technology, legal, human resources, and branding.