Organizations need to be more efficient and effective to ward off the challenges of deregulation and hence increased competition. As a result of increased market pressures, it is unavoidable that organizations analyze and redesign all aspects of their business to remain competitive.
Companies around the world are awaking to new realities of an intensively competitive domain and have been undertaking extensive restructuring both at the operational and at the strategic levels. Organizations around the world need to make more decisive choices and take the challenges to leap frog to the next phase of growth. Business portfolios need to be restructured and realigned to assimilate the effects of globalization and deregulation. Companies all over the world are exploring various restructuring methodologies such as Cost cuttings, better customer relationship management, Resource Planning, mergers, takeovers and buy-outs to pursue focused growth.
Citicorp: Citicorp was the descendant of City Bank of New York which was founded On June 16, 1812, with $2 million of capital, later, in 1968 renamed as First National City Bank. Large corporate banking was the core business of Citicorp and was one of the largest banks in the United States at the time of its merger with Travelers Group.