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Citigroup Inc. (NYSE: C)
November 16, 2007
Citi Names Jorge A. Bermudez Chief Risk Officer
New York – Citi today announced the appointment of Jorge A. Bermudez as Chief Risk Officer, with responsibility for market, credit, and operational risk and compliance around the world for Citi and all of its subsidiary companies. The appointment is effective immediately, and Mr. Bermudez will report directly to acting CEO Sir Win Bischoff.
Sir Win said, "Jorge brings extensive experience in managing risk and a deep understanding of our complex businesses. We welcome him to this new role, and look forward to his contributions in enhancing Citi's risk management and compliance."
Citi also has formed an advisory committee of senior leaders from across the company that will provide input on ways to strengthen Citi's risk management processes. Mr. Bermudez has appointed three initial members to that Committee: Brian Leach, Chief Risk Officer and Co-COO for Old Lane; David Lipton, Head of Global Country Risk and former Undersecretary of Treasury for International Affairs; and Hamid Biglari, Head of Investment Banking's Financial Institutions Group. These members, and others who will be named over time, will serve on the committee while retaining their ongoing responsibilities within Citi.
During his 30-year career at Citi, Mr. Bermudez has served in a wide range of senior leadership roles. His risk management experience includes: Head of Risk for the Corporate Banking Division in North America; Head of Risk for the International Banking & Finance Group, where he was responsible for credit and market risk across the investment, corporate and commercial banking areas; Head of Credit Policy for Latin America. During his career at Citi, Mr. Bermudez also was Chief Executive Officer of Citi Latin America, where he was responsible for the Consumer, Private Banking, Asset Management, and Corporate & Investment Banking businesses. His most recent assignment was as Chief Executive Officer and President of Citi's Commercial Business Group in North America and Citibank Texas, and he serves as a member of Citi's Operating and Management Committees.
The company also announced that after 22 years of dedicated service to Citi, Dave Bushnell, Chief Administrative Officer and Chief Risk Officer of Citi, has decided to retire, effective December 31, 2007. After December 31, Mr. Bushnell will continue to advise Citi as a consultant.
In addition, the company announced that Peter Knitzer, Chairman and CEO of Citibank North America, will assume additional responsibility for the Commercial Business Group.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.