A major overhaul is underway at Citi’s highest ranks as bank president Jamie Forese announces his retirement

Corbat announced another major shakeup to Citi's leadership team.

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Corbat announced another major shakeup to Citi’s leadership team.
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David A.Grogan/CNBC/NBCU Photo Bank via Getty Images

  • Another leadership shakeup is underway at Citigroup.
  • Bank President Jamie Forese is retiring, and several other executives are either leaving or taking on new roles, according to a memo from CEO Michael Corbat.
  • Visit BusinessInsider.com for more stories.

Another management shakeup is underway at Citigroup, with a handful of key leaders departing or taking on new roles, including Citi president Jamie Forese.

Forese, a 34-year veteran of the bank and the head of the firm’s Institutional Clients Group, is retiring, according to a memo from CEO Michael Corbat viewed by Business Insider. Paco Ybarra, currently his deputy and the head of markets and securities services, will take his place running the group.

Ybarra, a 32-year Citi veteran himself, will assume the position May 1, and Forese will stay through the summer to help with the transition.

After Ybarra’s elevation, the markets division will be run by Citibank COO Carey Lathrop, and Andy Morton, global head of G10 Rates, Markets Treasury and Finance.

Other moves announced in the memo from Corbat:

  • Francisco Aristeguieta, CEO of Asia Pacific and member of the operating committee, is also leaving Citi effective April 19. He’s pursuing an outside opportunity in the industry.
  • Tim Monger, head of productivity, will replace Aristeguieta on an interim basis.
  • Mary McNiff, Citi’s chief auditor, will become CEO of CBNA. She will also chair the Citi Business Practices Committee and manage global data aggregation and reporting.
  • Jessica Roos, chief auditor for the institutional clients group, will replace McNiff as chief auditor of Citi.

Bloomberg reported the changes earlier Thursday.

A major overhaul in the past year

These are just the latest in a wave of changes in Citi’s highest ranks since activist investor ValueAct announced a $1.2 billion stake nearly one year ago.

Corbat highlighted the significant amount of turnover in the memo.

“Our leadership team has undergone a good deal of change over the last year. While we will miss the experience and counsel of those who have moved on, I believe that change is healthy and creates new opportunities for our firm and our people,” Corbat wrote.

Who else has left or taken on a new role?

Longtime CFO Mark Gerspach stepped down officially in March, after announcing his retirement in September. He was replaced by Mark Mason.

In that same announcement, Citi revealed that Jim Cowles, the CEO of the bank’s operations in Europe, the Middle East, and Africa, and Bill Mills, the CEO of North American operations, were leaving the firm, too.

In September, the bank restructured its investment bank and capital markets operations, with Tyler Dickson and Manolo Falco overseeing the revamped division. Ray McGuire, the global head of corporate and investment banking for the last 13 years, took on a new role as vice chair of Citi.

And in August, Citi announced it was shaking up its $34 billion consumer banking business, which has struggled in recent years. Citi veterans Anand Selva and David Chubak took on new senior roles as part of the reorg, while Jud Linville, global head of cards and consumer services, left the firm.

Mike Murray, Citi’s HR chief, and Don Callahan, head of operations and technology, each announced their retirement at the end of April 2018.

Citigroup also got a new chairman of its board of directors in January, with John Dugan taking the role following Michael O’Neill’s mandatory retirement.

This post has been updated from its original version.