People Moves

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

Tom Burroughes, Group Editor, 22 May 2013

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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
Citigroup.

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 offices coverage in the Middle East; this is a newly-created role, based in Dubai. In January, the London-based chief investment officer of Citigroup’s private bank, Richard Cookson, left Citi as part of cost cuts and amid a series of changes to senior management roles.  

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