Citi memo on leadership changes

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Dear Colleagues,

As you know, Manuel Medina-Mora will be retiring in several weeks. In light of that, I have asked Stephen Bird, currently CEO of Asia Pacific, to lead this critical business as the CEO of our Global Consumer Bank. Stephen will be based in New York. Over the course of his 17 years at Citi, Stephen has gained deep experience in consumer banking and our operations across several geographies. 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.

Francisco Aristeguieta, currently CEO of Latin America, will succeed Stephen and become CEO of Asia Pacific. Francisco, who will move to Hong Kong, is a 21-year veteran of Citi and has deep experience in emerging markets. In Latin America, he simplified our businesses by effectively managing the optimization of our consumer franchise. He has reallocated resources to where they generate the best returns, while increasing wallet share with our top institutional clients.

Jane Fraser, an 11-year Citi veteran who currently leads our U.S. retail, commercial banking, and global mortgage businesses, will become CEO of Latin America, based in Miami. The region will include Mexico; Ernesto Torres Cantu, the CEO of Citi Mexico and a member of our Operating Committee, will report to Jane. In the U.S., Jane has reengineered the mortgage business, streamlined our branch footprint and driven cross-business collaboration while improving productivity, controls and performance. She has sharpened our client focus with digital offerings and strategic investment in our top cities. Stephen will name the leadership of our U.S. Consumer business after he assumes his new role.

Stephen, Francisco and Jane will step into these positions June 1. Please join me in congratulating these talented Citi veterans and supporting them as they take on these new responsibilities.

– Mike

(Michael Corbat, CEO, Citigroup

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