March 6 Citigroup Inc said on Thursday
that two long-time executives, Cece Stewart and Gene McQuade,
are retiring from the company.
Stewart has been president of the U.S. Consumer & Commercial
Banking business and McQuade has been chief executive officer of
Citibank, N.A., one of the company's key legal entities.
Jane Fraser, who has been in charge of residential mortgage
lending, will have an expanded role as CEO of U.S. Consumer &
Barbara Desoer, who has been chief operating officer of
Citibank, N.A. will succeed McQuade as CEO of the entity.
McQuade has been nominated to be a director of the company
and will stand for election to the board at Citigroup's annual
meeting in April, the company said.
The changes were announced in a memo to employees from
Citigroup CEO Mike Corbat which was provided to Reuters.
Corbat has been moving to reduce costs and streamline
management since becoming CEO in October 2012.