The London-based chief investment officer of Citigroup’s
private bank, Richard Cookson, is leaving the US-headquartered bank as part of
cost cuts and amid a series of changes to senior management roles. 

Citigroup issued an announcement on its website from chief
executive Michael Corbat, although his statement made no reference to Cookson or the departure.
The bank later confirmed to WealthBriefing that Cookson had left the firm.

Bloomberg quoted Jane Fraser, CEO of the private bank, as saying in a memo: “While we
believe it’s critical to retain an independent investment view and voice, there
will no longer be a requirement for a single individual to formulate the firm’s
investment strategy and asset allocation.”

Changes

Jamie Forese and Manuel Medina-Mora have been named
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 and technology functions supporting the institutional and consumer
businesses will now directly report to Forese and Medina-Mora, respectively.

Jim Cowles will become CEO of Citi’s Europe, Middle East and
Africa business. Brian Leach has been appointed head of
franchise risk and strategy and will be responsible for the bank’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.

“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 said in the statement.

In his message to colleagues, Corbat said that Bill Mills,
in addition to serving as CEO of North America, will now oversee community development
as well as international franchise management, in which role he will have
responsibility for corporate governance in the bank’s 101 countries.

Francisco Aristeguieta, CEO of Latin America, and Stephen
Bird, CEO of Asia-Pacific, will continue in their current roles. John Gerspach
will continue as chief financial officer.

Gene McQuade will continue to serve as CEO of Citibank, North America,
while overseeing Citi holdings and Japan. Ed Skyler, head of public affairs,
will oversee the Citi Foundation in addition to his current responsibilities,
which include branding and sponsorships, communications, and government affairs.