After writing off $40bln in assets in 2007 and seeing their stock flirt with single digits, management at Citigroup knows just what the ailing company needs. Innovation.

Innovation seems to be the buzzword over at Citigroup. They have created a new postion of chief innovation officer, with responsibilities of coordingation the company's IT workers and strategic advisers, while bolstering its research and development areas according to the NY Times.

Debby Hopkins was named to the position but will still retain her duties as a senior adviser in Citi's investment banking department. She is described as a "strategic thinker and proven change agent".

Below is an excerpt of the memo sent out:

As Chief Innovation Officer, Debby will be responsible for developing and leading Citi’s approach to creative, forward-looking collaboration with external constituencies, including current and prospective clients, venture capital firms, government agencies and academic institutions. Consistent with Vikram’s priorities to be more client-focused, Debby also will work closely with Citi’s senior leadership team to create and direct methods to maximize the internal creativity of Citi’s newly reorganized corporate structure with the goal of creating operating efficiencies across global products, regions and the enterprise as a whole.

Guess you can say, change is a brewin' at Citi. Its gonna need a whole lot of it.