Two senior executives are retiring from Citigroup, the company said Thursday, leading to changes at the top of the bank’s international and consumer banking operations.
Gene McQuade will retire next month as chief executive of Citibank, the entity that holds 70 percent of the company’s assets and runs its vast international businesses. Mr. McQuade, who took over the helm of Citibank during the financial crisis, was a crucial link to regulators, the bank said.
Citibank’s chief operating officer, Barbara Desoer, will succeed Mr. McQuade. Ms. Desoer joined Citigroup last year, after retiring as head of Bank of America’s home loans division.
In a memo to employees on Thursday, Citigroup’s chief executive, Michael L. Corbat, said Mr. McQuade had been working with the bank over the last year to come up with a successor. Mr. McQuade has also been nominated to Citigroup’s board.
The other big departure is Cece Stewart, who runs Citigroup’s consumer and commercial banking operations in the United States. Ms. Stewart, who came to Citigroup from Morgan Stanley in 2011, is retiring at the end of next month “to focus her energy on her personal passions and service on several boards,’’ Mr. Corbat said in the memo.
Ms. Stewart will be replaced Jane Fraser, the head of the bank’s mortgage unit. Ms. Fraser will have responsibility for retail banking, small business, wealth management and commercial banking.
