Citigroup Inc (NYSE:C) has appointed its co-President, James Forese, as its newest President of the bank, according to a recent Securities and Exchange Commission (SEC) 8-K statement.
Mr. Forese is no stranger to Citi, having been with the company in a number of positions. He was named Co-President of Citigroup and Chief Executive Officer of the Institutional Clients Group (ICG) back in January 2013. In addition to this capacity, he also has served as a member of the Citigroup Operating Committee.
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He will assume his new role of president only on June 1, 2015, whereby he will retain his other positions at the ICG – in addition, he will remain in New York.
Mr. Forese has previously served as CEO of Citigroup’s legacy securities and banking business in ICG, head of global markets and numerous other roles at Citi since joining Salomon Brothers in 1985. He originally joined the Salomon Brothers division, where he started a career in securities trading. He was named a managing director in 1992 and has held a number of senior management positions throughout the Markets division, including head of that division, before being named to run the Securities and Banking unit in 2011.