Citigroup's Vice Chairman to retire

Citi Building Sign

Citigroup said Vice Chairman Michael Helfer will retire next month and Zion Shohet will take on an expanded regulatory role.

Bloomberg reports that Helfer, 68, who served as general counsel and corporate secretary earlier in his career, will join the board of Banamex, the bank’s Mexico unit, according to a memo today from Chief Executive Officer Michael Corbat. The memo’s contents were confirmed by Mark Costiglio, a bank spokesman.

Helfer joined Citigroup in 2003 when former CEO Sanford “Sandy” Weill hired him from Nationwide Mutual Insurance Co. He advised the firm through its near-collapse and $45bn bailout, which it has since repaid. In 2012, he became vice chairman, focusing on U.S. and international regulations and overseeing implementation of Dodd-Frank Act rules.

To access the complete Bloomberg article hit the link below:

Citigroup's Helfer to Retire as Shohet Expands Role

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