Citigroup President Jamie Forese will retire after more than three decades at the bank, according to an internal memo seen by CNBC on Thursday and confirmed by a Citi official.
Forese, who had been considered a possible successor to CEO Michael Corbat, is one of the longest serving executives at Citi. He also served as head of the bank’s Institutional Clients Group, which brought in about half of Citi’s revenue last year. There, he will be succeeded by his deputy, Paco Ybarra.
