Citi’s Corbat hires new exec team

Michael Bow
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CITI’S new chief executive Michael Corbat yesterday announced a root and branch overhaul of the bank’s senior leadership team just three months into his tenure at the firm.

Corbat, who replaced former chief executive Vikram Pandit after his high profile exit in October, has promoted Citi veterans Jamie Forese and Manuel Medina-Mora to be his key lieutenants in the new-look regime.

Forese will oversee the bank’s institutional business and Manuel Medina-Mora will look after its consumer banking interests.

Citi also announced plans to restructure its operations and technology division, breaking out the parts underpinning its commercial and institutional side and placing them under the control of Forese and Medina-Mora, as it seeks to modernise its operations.

The overhaul follows a torrid year for Citi, which saw a dramatic dip in profits and the shedding of 11,000 jobs at the bank.

Yesterday’s announcement also saw Jim Cowles made chief executive of Europe, the Middle East and Africa. He was formerly chief operating officer for the region. “Having worked with Jim very closely last year, I have great confidence in his ability to lead our businesses in the region,” Corbat said.

Top risk officer Brian Leach has also been made responsible for overall compliance at the bank.