LONDON - Schroder Salomon Smith Barney, the European investment banking operation of Citigroup, said Ron Freeman would retire as vice chairman at the end of the month.

Mr. Freeman has spent much of the last 27 years at Salomon, leading several groups, including project finance, mergers and acquisitions, and investment banking. After a six-year hiatus in the 1990s, during which he was chief operating officer of the European Bank for Reconstruction and Development, Mr. Freeman returned to Salomon in 1997 as its head of European investment banking.

Salomon was acquired by Travelers Group in 1997 and was merged with Smith Barney. A year later Mr. Freeman was named co-chief executive officer of the combined unit's European operations. He was named vice chairman this year.

Citigroup acquired Schroder PLC of London's investment banking operations this year and merged them with Salomon Smith Barney.

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