Davis Polk & Wardwell is advising Citigroup Inc. on its realignment into two businesses, Citicorp and Citi Holdings.

The strategic restructuring creates Citicorp, which will focus on leveraging the competitive advantages of the company’s global universal bank in more than 100 countries, and Citi Holdings, which will be made up of brokerage and retail asset management, local consumer finance and a special asset pool whose management will focus on tightly managing risks and losses, and maximizing the value of these assets.

The Davis Polk corporate team includes partners George R. Bason Jr., Louis L. Goldberg and Marc O. Williams and associates William J. Chudd, Jeannette K. Safi, Ernest Lim, Theresa Kovac (not yet admitted) and Shane Tintle (not yet admitted). The capital markets team includes partner Richard D. Truesdell Jr. and associates Arthur Einav, Melba Ethel Kapesa, Michael J.S. Moran (not yet admitted) and E. Ashley Harris (not yet admitted). The tax team includes partners Avishai Shachar and Neil Barr and associates Catherine Paskoff Chang and Christine E. Graham. Partner Randall D. Guynn is providing bank regulatory advice. Kara N. Johnson is the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.