(Adds background on executives, bank, paragraphs 3-7)
By David Henry
NEW YORK, July 29 (Reuters) - The chief financial officer for Citigroup Inc's Institutional Clients Group, Jerry Bailey, is retiring and will be replaced by Mark Mason, currently chief executive of the company's private bank, according to a memo sent to employees on Tuesday.
Bailey had been in his job since 2011, but in 1993 to 1997 was CFO of the Salomon Brothers investment bank that became part of Citigroup, according to the memo, which was sent by Jamie Forese, CEO of the Institutional Clients Group, and John Gerspach, CFO of Citigroup, and obtained by Reuters.
Bailey has worked in finance, operations and accounting nearly 40 years, according to the memo.
The executive changes come as CEO Mike Corbat is pressing his staff to cut costs to improve profitability.
Mason, who will take over Bailey's job on Sept. 2, has been rising in the executive ranks the past two years along with Corbat. When Corbat was the chief executive of the Citi Holdings portfolio of troubled assets being shed by the company, Mason was his chief operating officer. After Corbat was promoted at the start of 2012 to be CEO for Europe, Middle East and Africa, Mason became chief executive of Citi Holdings.
Several months after Corbat was named CEO of Citigroup, Mason was named in May 2013 to head the private bank.
The company is making a slate of candidates to succeed Mason at the private bank, the memo said.
The Institutional Clients Group includes Citigroup's capital markets businesses, as well as its investment, corporate and private banking units. (Reporting by David Henry in New York; Editing by Chris Reese)