Vikram Pandit, chief executive of Citigroup, said its securities and banking division has product gaps in prime brokerage, derivatives, electronic equities trading and commodities. He set an 18% to 20% target for return on equity for the unit by focusing on emerging markets.

Pandit said in a presentation to investors: “The volatility and returns from securities and banking have been unacceptable and we are restructuring the model to position ourselves in high-growth areas.”