Sallie Krawcheck will step down as the head of Citigroup Inc.'s wealth management unit, the company said Monday.

The New York company is aligning Ms. Krawcheck's wealth management arm with its institutional clients group.

Citi said that it has named Mike Corbat as the chief executive officer of its global wealth management unit, and that Edward "Ned" Kelly has been named the head of global banking for the institutional clients group.

Ms. Krawchek has decided to leave to "pursue other opportunities," Citi said, but she will remain as chairman of the wealth management arm for a transitional period.

Citi said the moves would "increase coordination between GWM and ICG, underscoring the company's priority to deliver the full benefits of the entire Citi franchise to its clients, extending beyond historic business lines."

Mr. Corbat is a 25-year veteran of Citi's institutional business. Most recently he was the global head of the corporate and commercial bank.

Mr. Kelly was the president and chief executive officer of Citi Alternative Investments. He is a member of Citi's senior leadership and executive committees.

He was the chairman, CEO, and president of Mercantile Bankshares Corp. from March 2003 through March 2007 and its CEO and president from March 2001 to March 2003.

On Monday, The Wall Street Journal described Ms. Krawcheck as perhaps the highest-profile woman on Wall Street. She joined Citi in 2002 from Sanford C. Bernstein & Co. to run the stock research division, which had been tainted by scandals involving biased research. She later rose to chief financial officer.

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