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Citi CEO Names New Executive Team
[ by Melanie Gretchen ]
Citigroup CEO Michael Corbat is transforming the bank's management to reflect his own personality and objectives. On Monday it was announced that he hired 2 co-presidents amid new efforts to pare down the NYC-based bank toward profitability.
Jamie Forese will e responsibly for running Citi's institutional business, while Manuel Medina-Mora will undertake the bank's consumer business and its Mexico operations.
The Beginning of a New Era. These appointments are the first management changes since Vikram Pandit was forced out as CEO and Mr. Corbat was appointed by bank chairman Michael O'Neill. Other recent personnel changes at the nation's 4th largest bank include:
- elimination of 11,000 jobs throughout the company; and,
- retention of Brian Leach as CRO or chief risk officer of the bank - and a longtime ally of Mr. Pandit.
Mr. Corbat had this to say about the appointments: "Jamie and Manuel have both spent their entire careers at Citi and its predecessor companies, and they exemplify the best of Citi."
For further details, go to [Dealbook, 1/7/13].
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