Citigroup Inc. (NYSE:C)’s CEO Michael Corbat has named two co-presidents to be part of the bank's new management team.
Jamie Forese will supervise the institutional business of the company, while Manuel Medina-Mora will be responsible for leading the global consumer banking business and Citigroup Inc. (NYSE:C) franchise in Mexico. The operations and technology functions supporting the institutional and consumer businesses will report directly to the newly appointed co-presidents.
In addition, Corbat also appointed Jim Cowles as chief executive officer of Citigroup Inc. (NYSE:C)’s Europe, Middle East and Africa (EMEA) region and Brian Leach as head of the Franchise Risk and Strategy. He will be responsible for overseeing the bank’s audit, compliance, corporate, strategy functions, and risk management.
Furthermore, Brad Hu, the current head of Risk for the Asia Pacific region was named chief risk officer. He will report directly to Leach.
In a statement, Corbat acknowledges the experience and leadership capabilities of the newly appointed members of his management team. He said, “Citi is fortunate to have very strong leaders with the skills and experience I will rely on as we navigate the challenges and opportunities ahead. While the responsibilities of some members of my team are changing, this leadership team and management structure will ensure continuity as we carry out our goals of achieving operational excellence and delivering results to our clients and stakeholders.”
Corbat also announced that Bill Mills, the current CEO of Citigroup’s North America will also supervise the Community Development and International Franchise Management. He also announced that Citigroup’s vice-chairman, Lew Kaden, will retire in the next few weeks. Kaden served the bank for more than seven years. He previously served as chief administrative officer.
Moreover, Corbat said Citigroup Inc. (NYSE:C) will submit its capital plan to the Federal Reserve today.
Corbat replaced Vikram Pandit as CEO of the bank last October. Since his appointment, his priority has been to reorganize his management team.