Magazine article American Banker

Citi Names Group Heads, CEO Touts Capital Position

Magazine article American Banker

Citi Names Group Heads, CEO Touts Capital Position

Article excerpt

Byline: Kevin Dobbs

Citigroup Inc., which split itself in two this month, reshuffled senior managers on Tuesday and Chief Executive Vikram Pandit defended the company's financial soundness at an investor conference.

Michael Corbat, a 25-year Citi veteran who most recently headed the global wealth management division, was named to oversee the Citi Holdings half of the company, a group of largely troubled businesses that Citigroup separated from its core banking operations on Jan. 16, the same day it posted its fifth straight quarterly loss. In a memo to employees obtained by American Banker, Mr. Pandit said Mr. Corbat will retain oversight of wealth management.

Citi Holdings has three primary businesses: brokerage and asset management, consumer finance, and a special pool of troubled assets that the company is trying to unwind. Steve Freiberg, who had been the head of global cards, will oversee consumer finance. Rick Stuckey, a portfolio manager who has been with Citi since 2007, will run the special asset pool.

The other half of the company, Citicorp, consists of two main groups: institutional banking, for corporate, institutional, public-sector, and private banking clients; and a regional consumer banks group that provides traditional banking services.

John Havens, who previously headed Citi's institutional clients group, will lead the institutional bank.

The current heads of the regional consumer and commercial banking franchises in the United States, Asia, Latin America, Central and Eastern Europe, and the Middle East will remain in place and assume responsibility for credit card businesses in their regions, Mr. Pandit said. The regional heads are: Terri Dial, global head of consumer strategy and CEO of consumer banking in North America; Ajay Banga, CEO, Asia-Pacific; Manuel Medina-Mora, CEO, Latin America and Mexico; William Mills, CEO, Western Europe, Middle East, and Africa; and Shirish Apte, CEO, Central, and Eastern Europe. …

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