Citicorp has named Victor Menezes its first chief financial officer. Christopher J. Steffen, who had been responsible for many of the bank's financial duties, resigned.
For the last three years, Mr. Steffen had overseen the introduction of industrial-company-style management techniques, such as cost controls, at the nation's biggest bank.
"The results of the past several years have evidenced great progress in the company's development, but there is more to do," said John Reed, Citicorp's chief executive. "We need to strengthen our focus on delivering performance, including productivity programs and our cost-revenue profile."
Mr. Menezes, 46, is a Citicorp international executive with both consumer and corporate banking experience.
Mr. Menezes will be responsible for the company's capital and funding, financial control, and audit activities, as well as the companywide effort to improve productivity.
Prior to his appointment, there was no CFO's office at the bank. The functions were distributed among a handful of executives.