NEW YORK - Citigroup Inc. confirmed Friday that Paul Collins, the vice chairman who oversees Citigroup Investments, will retire this year.
Mr. Collins, a member of the management committee, joined Citicorp in 1961. He was chief investment officer, headed Citicorp's investment bank during its start-up phase, and was senior corporate officer for North America and later for Europe and the Middle East.
"Paul was a key participant in the historic merger that created Citigroup and has been a significant contributor to our success since the merger," chief executive officer Sanford I. Weill said in a memo Wednesday.
Also on Friday, a Citigroup spokeswoman said that Marc Weill, CEO of Citigroup Investments, is still on leave of absence.
However, Friday's Wall Street Journal, citing sources close to the matter, said the younger Mr. Weill had left the company. Sanford Weill was reported to have said during a two-day board meeting that his son would not return and that William Heyman would succeed him.
In a May 31 memo obtained by American Banker, Mr. Collins wrote that Marc Weill had requested a one- to three-month leave of absence. The memo did not cite a reason and said that the management committee had decided to split management responsibilities between Mr. Heyman and David Tyson.
