In Brief: Citicorp Brazil Unit President Steps Down

Roberto do Valle, president of Citicorp's Brazilian banking unit, has resigned, becoming the first senior-level Citicorp executive to leave since the company agreed to merge with Travelers Group Inc. in April.

Mr. do Valle, 53, spent 26 years with Citicorp. He reportedly left after declining to be transferred to New York. No successor has been named.

Meanwhile, Citicorp's French unit said it has hired Jean-Claude Gruffat, the former head of Credit Agricole Indosuez's Asia-Pacific operations, as chief executive of French operations. Mr. Gruffat spent more than 10 years at Indosuez, including several years in New York. He will join Citicorp early next year.

Also, Citicorp's Australian unit plans to fire 60 employees and close six of its 13 offices, according to local press reports. The reports quoted Citicorp managing director Tom McKeon as saying the company plans to rely more on electronic banking through computers as well as retail outlets in supermarkets and kiosks. The goal is four million Australian retail customers by 2010, up from around 400,000 now, the reports said.