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 Family Wealth Report 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.”
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.