NEW YORK -- Citicorp said Frederick Copeland, the head of its Canadian unit, has submitted his resignation for personal reasons.
The New York banking company said Mr. Copeland would remain president of Citibank Canada Ltd. until a replacement is named.
Citicorp did not say whether Mr. Copeland's departure, after five years in the post and 23 with the corporation, was tied to the troubles of Olympia & York Developments Ltd. Citicorp has $480 million in loans and other commitments outstanding to Canada-based Olympia and made a $200 million loss provision in the first quarter.
A Wall Street Journal report Tuesday pointed out that Mr. Copeland oversaw Citibank Canada while it incurred the exposure, but a spokesman said "it was his decision to leave."
