Citi’s CEO to Work with Co-Presidents
Citigroup’s CEO Michael Corbat says he has appointed Jamie Forese and Manuel Medina-Mora as co-presidents of the bank to provide continuity as Citi aims for operational excellence and bottom-line results for its clients and stakeholders.
Jamie Forese,
co-president,
Citigroup
The executive appointments follow Vikram Pandit’s exit this past October from his post as CEO. Media reports at the time said that disputes over strategy and management between Pandit and the Citi board led to his departure.
After accepting the surprising resignation, the Citi board unanimously elected Corbat to replace Pandit as CEO and serve as a director of the board. Corbat, who has held many executive posts, was serving as Citigroup’s CEO of Europe, Middle East and Africa (EMEA).
“The three months I have been CEO have been memorable to say the least, and I am very proud of what we have done to prepare for 2013,” Corbat says. “We developed a budget which contained difficult but necessary choices. Today, we will submit our capital plan to the Federal Reserve. We have finalized the management team and are re-organizing O&T [operations and technology]. …We will be tested in the year ahead. The environment remains very challenging from a variety of perspectives, and I am going to rely on every person in this company to make sure we are as successful as we possibly can be.”
Forese will oversee Citi’s institutional businesses while Medina-Mora will continue to overseeglobal consumer banking and Citi’s franchise in Mexico, officials say. The operations and technology functions supporting the institutional and consumer businesses will now directly report to Forese and Medina-Mora, respectively.
Manuel Medina-Mora,
co-president,
Citigroup
The bank is reorganizing the O&T groups to help Forese and Medina-More achieve their business objectives, Corbat said in a memo to staff. Forese and Medina-More have spent their careers at Citi and its predecessors.
“Having made great progress in O&T by running it as a centralized function focused on strengthening controls and managing expenses, the divisions supporting the institutional and consumer businesses will now report to Jamie and Manuel, respectively, while working closely with Don Callahan,” Corbat says. “As head of O&T, Don will continue to directly manage our enterprise O&T function and be responsible for all shared infrastructure and for ensuring our systems are regulatory-compliant.”
For another key post, Brian Leach has been appointed head of franchise risk and strategy and will be responsible for Citi’s audit, compliance, corporate policy and strategy functions in addition to risk management. Brad Hu, currently head of risk for Asia Pacific will take on the role of Citi’s chief risk officer (CRO) and will report to Leach. Jim Cowles was named to the post of CEO for Citi’s Europe, Middle East and Africa (EMEA) region.
John Gerspach will stay on as chief financial officer (CFO), and he will drive Citi’s expense management, enterprise payments and Citi Ventures initiatives. Gene McQuade will continue as CEO of Citibank, N.A., while overseeing Citi Holdings and Japan.
IT Vet Joins LPL Financial
Donie Lochan,
EVP of BTS,
LPL Financial
San Diego-based broker-dealer LPL Financial has announced the appointment of IT veteran Donie Lochan as the company’s executive vice president of business technology services, effective immediately. The broker-dealer is a subsidiary of LPL Financial Holdings.
Lochan will be responsible for managing the business technology services portfolio and driving risk management, information security, audit compliance and business continuity and recovery planning, officials say. In addition, Lochan will play an integral role in executing the company’s goals for expanding its IT capabilities.
With more than 21 years of experience, Lochan previously worked at the consultancy Bain & Co. where he served as the regional leader of its Asia Pacific IT services unit. Prior to Bain, Lochan was the global head of wealth management at another consulting firm Ernst & Young, where he helped companies in North America, Europe and Asia overhaul their investments in business and technology.
Lochan will be based in San Diego and will report to Victor Fetter, chief information officer (CIO) and managing director of business technology services at LPL Financial.
HKEx Revamps Top Management
David Graham,
CRO,
HKEx
Starting this month, Hong Kong Exchanges and Clearing Ltd. (HKEx) is reassembling its top management in order to reach its objectives for the coming year, officials say.
David Graham has been appointed as HKEx’s chief regulatory officer (CRO). In his new role, Graham will be overseeing HKEx’s listing division and market surveillance, legal services and secretarial services departments. Graham will initially be head of listing and will succeed Mark Dickens who will retire in July 2013, officials say.
Graham, whose background includes legal and financial services, served as global head of legal and general counsel at Nomura’s wholesale division prior to joining HKEx. Before working at Nomura, Graham served as general counsel at Morgan Stanley and spent several years working at UBS. Graham was also deputy chairman of the takeovers and mergers panel of the Securities and Futures Commission, where he served for the majority of his membership.
In addition to Graham’s new position, Romnesh Lamba and Martin Abbott will serve as co-heads of global markets, a newly created division. Bryan Chan and Calvin Tai have been appointed as co-heads of equities and FIC business while Felix Wang, Ketan Patel and Chris Jones have been named co-heads of clearing risk management, officials say.
For other key posts, HKEx has named Henry Ingrouille as its chief operating officer (COO), Gerald Greiner as head of global clearing and Henry Law as chief communications officer.
Fundtech Appoints a President
Edward Ho,
president & COO,
Fundtech
Fundtech, a provider of global transaction banking solutions has appointed Edward Ho as the company’s next president and chief operating officer (COO). Ho succeeds Michael Sgroe, who is ending his tenure at Fundtech to pursue new business opportunities, officials say.
Ho’s main duty as president and COO will be to grow Fundtech as well as expand its market leadership and oversee global operations. Ho will report to Fundtech’s CEO, Reuven BenMenachem.
Previously, Ho served as the executive vice president and general manager of capital markets at Misys. Prior to his tenure at Misys, Ho was the CEO and president of IQ Financial Systems, a software provider and subsidiary of Deutsche Bank, acquired by Misys in 2004.
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