Citigroup Undergoes Global Shakeup in Personnel

Citigroup has appointed Stephen Bird as its newest co-President and Head of its global consumer bank, succeeding Manuel Medina-Mora, who is slated to retire, according to a recent Dealbook statement.

The latest shuffling at Citigroup will see the ascension of Mr. Bird being tapped as Medina-Mora’s replacement – Mr. Bird presently is the acting chief executive of Citigroup’s Asia-Pacific (APAC) Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term) business. The promotion is slated to take effect June 1, 2015.

In his new role as the co-President and head of the consumer bank, Mr. Bird will be based out of New York, following his transfer out of the APAC region. He originally joined Citigroup in 1998, having served in a number of senior level roles at GE Capital and British Steel. Over the past 17 years he has been based out of both the Latin American and APAC regions.

According to Michael L. Corbat, Citigroup’s Chief Executive in a recent memo on the appointment, “In various roles in Asia, Stephen has helped establish Citi as a leading bank, significantly increasing net income by focusing on target clients across the region.”

“He is exceptionally well-qualified to continue the transformation of our local consumer businesses into one global consumer bank,” he added.

In addition, Citigroup has unveiled a number of other moves across its global business, appointing Francisco Aristeguieta, currently chief executive of Latin America, as the head of its APAC business in Hong Kong.

Citigroup’s current retail, commercial banking, and global mortgage businesses leader, Jane Fraser, will also be assuming the new role of chief executive of Latin America, where she will be based out of Miami.