Daily News: January 8, 2013

Citi Appoints Co-Presidents, Names Chief Risk Officer

Citi CEO Michael Corbat announced the roles and responsibilities of the members of his management team and appointed Jamie Forese and Manuel Medina-Mora as co-presidents of Citi.

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. The operations & technology functions supporting the institutional and consumer businesses will now directly report to Forese and Medina-Mora, respectively, to better align the functions with the priorities of each business and improve efficiency.

Corbat also announced that Jim Cowles will become chief executive officer of Citi’s Europe, Middle East and Africa (EMEA) region. Brian Leach has been appointed head of franchise risk and strategy and will be responsible for Citi’s audit, compliance, corporate policy and strategy functions in addition to risk management. Brad Hu, currently head of risk for the Asia Pacific region, will become Citi’s chief risk officer and will report to Leach.

Corbat 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.

“Jamie and Manuel have both spent their entire careers at Citi and its predecessor companies, and they exemplify the best of Citi. Since joining Citi five years ago, Brian has demonstrated his superior risk management abilities during one of the most challenging environments this company has encountered. And Jim is a Citi veteran who has spent much of his career in the region and has demonstrated his leadership abilities in a variety of senior positions,” Corbat concluded.