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New Citi CEO likely to promote from within

Citigroup insiders expect new chief executive, Mike Corbat, to promote executives from within the bank rather than hire from outside, which could mean his having to fill as many as four senior posts in the next several weeks.

india Updated: Oct 18, 2012 21:42 IST

Citigroup insiders expect new chief executive, Mike Corbat, to promote executives from within the bank rather than hire from outside, which could mean his having to fill as many as four senior posts in the next several weeks.

Corbat, who became CEO on Tuesday following the sudden departure of Vikram Pandit and chief operating officer John Havens, has spent 30 years at Citigroup and its predecessors.

On Wednesday, he set up interim reporting lines for his executive ranks, naming Bill Mills, the current CEO for North America region, to take on extra responsibilities as the temporary CEO for Europe, West Asia and Africa, according to an internal memo.

Corbat has said he will take the next several weeks to review the reporting structure, but names of potential candidates in what could be a round of reshuffling atop the third-largest US bank are already beginning to surface among insiders. If Corbat decides to rely on people from within the bank, that would be in contrast to Pandit, who filled some of the top roles at the bank with people who had worked with him before at his hedge fund, Old Lane, and Morgan Stanley.

Jim Cowles, who is currently chief operating officer of the unit, is seen within the bank as a leading contender for Corbat's old job, according to sources. Another contender is Francesco Vanni d'Archirafi, the head of Citi's global transaction services.

Corbat will also have to decide on a new chief operating officer to replace Havens.

When contacted, Citi­group declined to comment.

Analysts said Corbat will likely have to move fast in filling out the vacancies to end uncertainty at the bank.