Citicorp's board Tuesday formally appointed Victor J. Menezes president of its principal operating unit, Citibank N.A., in preparation for the planned $70 billion merger with Travelers Group.
Mr. Menezes, 49, becomes the $330 billion-asset bank's first president since Richard Braddock resigned in 1992. He will head up global corporate banking activities at the merged company, which is to be called Citigroup. Mr. Menezes had been Citicorp's chief financial officer since 1995.
Reporting to Mr. Menezes at Citigroup would be Dennis Martin, Citicorp's head of corporate banking in emerging markets, and Robert McCormack, Citicorp's head of global relationship banking. John S. Reed, Citicorp's chairman and chief executive officer, said Mr. Menezes will work with Travelers executives James Dimon and Deryck Maughan "in integrating our services to corporate customers with those of Salomon Smith Barney."
Mr. Dimon and Mr. Maughan are co-CEOs of Travelers' Salomon Smith Barney investment banking subsidiary and would hold those duties at the combined company. Mr. Dimon is also slated to become president of Citigroup.
Born in India, Mr. Menezes joined Citicorp in 1972 and has worked in a variety of its corporate and consumer banking units.