Corbat's Army: 13 Executives in Citi CEO's Shuffle
Citigroup head Michael Corbat reorganized the bank's top ranks this week, after taking over in October. Here are 13 of the other executives affected. (Image: Bloomberg News)
After Chief Executive Vikram Pandit was abruptly ousted in October, Corbat had to reassure and try to retain most of Citigroup's top talent. He succeeded. A 29-year bank insider, Corbat promoted some longtime executives and even convinced some Pandit allies to stay.
Jamie Forese, once considered to be in the running to replace Pandit, was promoted to co-president and will now run all of Citigroup's institutional banking activities. He had been CEO of the securities and banking unit.
Manuel Medina-Mora was promoted to co-president with Forese, and will continue to oversee all of Citigroup's global consumer banking activities. He also oversees the bank's Mexican business.
Vice chairman Lewis Kaden will retire "in the coming weeks," Corbat said. The former chief administrative officer was a close Pandit ally.
Corbat is breaking up the operations and technology unit, run by Don Callahan, and laying off almost 6,000 of its employees. Callahan, another Pandit ally, will oversee enterprise operations and technology.
Chief risk officer Brian Leach, who was also close to Pandit, has been promoted to head of franchise risk and strategy. He will now oversee the bank's auditing and compliance, as well as risk.
Longtime Citi executive Jim Cowles will fill Corbat's previous role as head of Europe, Middle East and Africa. He most recently was chief operating officer for the region and head of Citigroup's Western Europe business.
North America CEO Bill Mills will remain in his role, but Corbat also gave him oversight of Citigroup's community development and international franchise management.
John Gerspach, who became chief financial officer in 2009, will remain in the role. Corbat also gave him oversight of budgeting and other initiatives.
Asia-Pacific CEO Stephen Bird, Latin America CEO Francisco Aristeguieta, human resources head Paul McKinnon and general counsel Rohan Weerasinghe will all stay in their current roles.
Gene McQuade will remain Citibank CEO while overseeing Citi's Japanese business and the Holdings unit that contains unwanted assets. (Image: Bloomberg News)
Citigroup head Michael Corbat reorganized the bank's top ranks this week, after taking over in October. Here are 13 of the other executives affected.
Law & Regulation'Lies, Damn Lies, and the CFPB's Proxy Method': Comments of the Week
National/Regional'I Would've Liked to Be a Millennial': Comments of the Week
National/RegionalWhere Small Banks' Hiring Practices Go Awry: Comments of the Week
Consumer FinanceInside the Auto Lending Boom
Consumer Finance'The Entire Bay Area Is Basically Jumboland': Comments of the Week
Consumer FinanceHousing Crisis Nears Its Sunset
Marketplace Lending'Social Science Experiments in Lending Always End Badly': Comments of the Week
Consumer Finance6 Ways Relaxed Underwriting Is Unlocking Mortgage Credit