(Adds background on executives, bank, paragraphs 3-7)
By David Henry
NEW YORK, July 29 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)