Bryan van der Beek | Bloomberg | Getty Images
Jamie Forese, President of Citigroup Inc. and head of the institutional clients group, speaks at the Milken Institute Asia Summit in Singapore, on Friday, Sept. 19, 2014. Chief executive officers, senior government officials and leading figures in the global capital markets convened at the global conference’s inaugural summit in Asia.
Citigroup president Jamie Forese will retire after more than three decades at the investment bank, according to an internal memo seen by CNBC on Thursday and confirmed by a Citi official.
Forese is one of the longest serving executives at Citi, whose role also included serving as the lead for the bank’s Institutional Clients Group (ICG). That group brought in about half of Citi’s revenue last year. There he will be succeeded by Paco Ybarra, who served as Forese’s deputy at ICG.
The memo did not indicate when the transition would take place.
Citigroup is the third largest U.S. lender by assets.