Citi appoints Corbat as Global Wealth Management unit head

NEW YORK: Global financial services major Citigroup has appointed Mike Corbat as chief executive of the Global Wealth Management unit following the decision of Sallie Krawcheck leaving the company to pursue other opportunities.

Further, Citi has appointed Edward Ned Kelly as the Head of Global Banking for the Institutional Clients Group (ICG). Both Corbat and Kelly would report to John Havens who is the Chief Executive Officer of ICG.

"The appointments of Corbat and Kelly will align their talents with the company's strategic goal of deepening its institutional and individual client relationships around the world.

"The moves also will increase coordination between GWM and ICG, underscoring the company's priority to deliver the full benefits of the entire Citi franchise to its clients, extending beyond historic business lines," Citi said in a statement on Monday.

Corbat is a 25-year veteran of Citi's institutional business and has held many senior domestic and international roles, including Global Head of the Corporate and Commercial Bank.

Commenting on Krawcheck, Citi's India-born chief executive Vikram Pandit said, "she has an impeccable reputation and has represented Citi well with our top clients and key constituencies around the world."

Krawcheck would remain the Chairman of GWM through the end of the year to ensure an orderly transition.

Meanwhile, as head of Global Banking, which includes Investment Banking and the Corporate and Commercial Bank, Kelly would lead the firm's efforts to comprehensively serve the financial needs of corporations, financial institutions and governments. Kelly would continue to oversee Citi Alternative Investments (CAI).