NEW YORK May 20 Citigroup Inc Chief
Executive Michael Corbat named Jane Fraser as the new head of
the bank's mortgage business on Monday ,as current CitiMortgage
CEO Sanjiv Das plans to leave the bank to pursue other
opportunities, according to an internal memo.
Das took over Citigroup's mortgage business at the height of
the financial crisis in 2008 as it was losing billions of
dollars on bad subprime housing bets. He will remain at the bank
for a few months to assist on mortgage issues related to the
government, according to the memo.
Fraser has been CEO of Citi's private bank for the past four
years. Mark Mason, who is CEO of Citi Holdings, will take over
Francesco Vanni d'Archirafi, who now leads Citigroup's
transaction services business, will take over as CEO of Citi
Holdings, the division that holds all noncore assets that Citi
is winding down or selling.