Citigroup Inc. said Manuel Medina-Mora, the bank's co-president and head of global consumer banking, will retire on June 1.

The bank disclosed his retirement plans in a memo from Chief Executive Officer Michael Corbat today, which said Medina- Mora will remain chairman of the bank's Mexican unit, Banco Nacional de Mexico, known as Banamex. Banamex's CEO, Ernesto Torres Cantu, will report directly to Corbat, according to the memo.

The bank will name Manuel's successor "in the near future," according to the memo.

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