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.