Citigroup names Forese, Medina-Mora co-presidents

AP News
Posted: Jan 07, 2013 11:04 AM

NEW YORK (AP) — Citigroup's new CEO is continuing to put his imprint on the bank, naming co-presidents on Monday.

CEO Michael Corbat tapped Jamie Forese and Manuel Medina-Mora for the roles.

Corbat took over as CEO of the New York company in October after Vikram Pandit unexpectedly stepped down from the post. Pandit had reportedly clashed with the board over the company's strategy and its relationship with the government.

Forese will be responsible for all of Citi's institutional businesses, and Medina-Mora will continue to oversee global consumer banking and Citi's franchise in Mexico.

Forese had served as CEO of securities and banking for the institutional clients group.

Citigroup said that the operations and technology functions that support the institutional and consumer businesses will not report directly to Forese and Medina-Mora, respectively. The move was made to better align the operations and improve efficiency.

Corbat also named Jim Cowles as CEO of the company's Europe, Middle East and Africa division — a position previously held by Corbat. The company also made some other personnel announcements, including appointing Brian Leach as head of franchise risk and strategy.

In addition, Vice Chairman Lew Kaden plans to retire in the coming weeks. Kaden previously served as Citigroup's chief administrative officer and spent more than seven years with the company.

Citigroup, which announced in December that it would cut 11,000 jobs, will submit its capital plan to the Federal Reserve on Monday.

Citigroup Inc.'s stock shed 27 cents to $42.16 in morning trading.