Citibank Worldwide Securities Services has promoted James P. Donovan to head of emerging markets, a newly created post.

The Citigroup Inc. unit provides global custody, clearing and settlement, corporate agency and trust, and depositary receipts. Mr. Donovan had been global managing director for depositary receipts for three years.

He has 15 years' emerging markets experience. Before heading the ADR business he was the senior director for global securities clearing at Citibank Worldwide Securities. Still earlier he was senior director for global currency clearing in cash management.

Kurt Schneiber succeeded Mr. Donovan as the ADR director. Mr. Schneiber was the country marketing director for Citibank's global consumer bank in India. He has been with Citibank for 14 years.

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