Citigroup Names Co-Presidents

by Christopher Freeburn | January 7, 2013 12:44 pm

Citigroup Names Co-Presidents

citigroup building 630 300x187 Citigroup Names Co Presidents[1]Just three months after becoming CEO at Citigroup (NYSE:C[2]), Michael Corbat has elevated two bank executives to co-president[3].

The bank announced on Monday that Jamie Forese and Manuel Medina-Mora will each become president. Forese will oversee Citigroup’s institutional business, while Medina-Mora will direct consumer banking, Bloomberg noted.

Additionally, Jim Cowles has been named CEO of the bank’s operating division for Europe, Middle East and Africa (EMEA), and Brian Leach has been tapped to head the franchise risk and strategy department.

Corbat succeeded Vikram Pandit, who abruptly stepped down as Citigroup CEO in October[4] after he clashed with the board over the bank’s management. Former President John Havens resigned along with Pandit.

Last month, Citigroup announced that it would trim its payroll, eliminating 11,000 jobs in a bid to reduce costs[5].

Shares of Citigroup slipped fractionally in Monday midday trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/08/citigroup_building_630.jpg
  2. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  3. elevated two bank executives to co-president: http://www.sfgate.com/business/bloomberg/article/Citigroup-s-Corbat-Names-Forese-Medina-Mora-4172362.php
  4. abruptly stepped down as Citigroup CEO in October: http://investorplace.com/2012/10/pandit-leaves-citigroup-paltry-pay-behind/
  5. eliminating 11,000 jobs in a bid to reduce costs: http://investorplace.com/2012/12/citigroup-to-eliminate-11000-jobs-shares-jump/

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