October 15, 2014 / 3:33 AM / 3 years ago

Citi's consumer banking head plans to leave: WSJ

A logo of Banamex is seen in Mexico City February 28, 2014. REUTERS/Edgard Garrido

(Reuters) - Manuel Medina-Mora, head of Citigroup Inc’s (C.N) consumer banking and chairman of the company’s troubled Mexico unit, is preparing to leave in the coming months, the Wall Street Journal reported, citing people with knowledge of the situation.

Details of Medina-Mora's departure were not finalized and could change, but he is expected to leave or announce his departure by early next year, the Journal reported. (on.wsj.com/ZruwpT)

Citigroup said on Tuesday it is pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut persistently high costs.

Several board members this year had pushed Medina-Mora to leave, but Chief Executive Michael Corbat and Chairman Michael O‘Neill have been supportive of him, the report said, citing sources.

Medina-Mora’s possible exit would come after a tough year for Citigroup’s Mexico unit, known as Banamex.

Citigroup representatives did not immediately respond to an email seeking comment outside regular U.S. business hours.

Earlier this month, the head of Banamex resigned earlier this month after problems, including a major loan scandal that generated hundreds of millions of dollars in losses.

Citigroup said on Tuesday it had uncovered a $15 million fraud at Banamex, related to a security services company the bank operated.

Medina-Mora’s pay for 2013 was cut to $9.5 million from $11 million due to control issues faced at the U.S. unit of Banamex.

Banamex USA is facing a U.S. criminal investigation involving possible violations of money-laundering laws, Reuters reported in April.

Reporting by Rama Venkat Raman in Bangalore; Editing by Gopakumar Warrier

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below