People Moves

Executive Departure At Citi Triggers Reshuffle; New CEO Of Private Bank

Tom Burroughes Group Editor 22 May 2013


Jane Fraser, who has been chief executive of Citigroup’s
private bank for the past four years, is to be replaced by Mark Mason as Fraser
takes up the post as new head of the US bank’s mortgage business.

The current CitiMortgage CEO, Sanjiv Das, plans to leave the
bank to “pursue other opportunities”, according to the wording of an internal
memo. The move was announced by Citigroup CEO Michael Corbat.

Das took over Citigroup's mortgage business at the height of
the financial crisis in 2008. He will remain at the bank for a few
months to
assist on mortgage issues related to the government, the memo said. The
contents were confirmed to this publication by a spokesperson for

Mason, who takes on the top job at private banking, has been
CEO of Citi Holdings. In turn, Francesco Vanni d'Archirafi, who leads
Citigroup's transaction services business, will take over as CEO of Citi
Holdings, the division that holds all non-core assets that Citi is winding down
or selling.

In March, the bank
appointed Anthony Habis as senior banker and team head for family
coverage in the Middle East. This is a newly-created role, based in
Dubai. In January, the London-based chief investment officer of
private bank, Richard Cookson, left Citi as part of
cost cuts and amid a series of changes to senior management roles.  

Citi's private bank recently commented to WealthBriefing about the issue of managing the client experience, the subject of a new, major report by this publication.


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