Departure of long-time Citi treasurer, with 33 years of service

Citi Announces Leadership Changes Amidst Banking Industry Turmoil

In a significant shakeup at Citigroup, Mark Smith has been appointed as the interim head of the Treasury and Trade Solutions Division in Europe, the Middle East, and Africa (EMEA), following the departure of Mike Verdeschi after 33 years with the bank.

Smith, who has spent 25 years with Citi in various treasury roles, will replace Verdeschi on an interim basis. Notably, Smith previously led Citi's treasury and trade solutions division in EMEA, a testament to his expertise in the field.

Verdeschi, who managed a multitrillion-dollar balance sheet at Citi during the pandemic, rapidly increasing interest rates, and this year's banking industry turmoil, is leaving the bank after a distinguished career. A memo praising Verdeschi for thoughtfully and responsibly managing Citi's balance sheet was penned by CFO Mark Mason.

The commercial banking chief, Paco Ybarra, has also left Citi. In a related move, Anand Selva, a longtime executive, has shuffled from the position of personal banking and wealth management CEO to firm chief operating officer.

Meanwhile, Peter Babej, a 13-year veteran at Citi, is expected to retire next year. The exact reasons for these changes have not been disclosed.

The banking industry is currently facing numerous disruptors aiming to disrupt the traditional banking model. There are various schools of thought on how to achieve this, but the impact on established players like Citi remains to be seen.

In 2015, Verdeschi became the chief investment officer at Citi, overseeing the bank's securities portfolio and a broad range of assets. He joined Citi in 1990 in the securitized products business, and throughout his career, he held several treasury roles, including rates portfolio management, funding, and retail banking for North America.

Citi did not respond to a request for comment from the website. As the industry evolves, it will be interesting to see how Citi navigates these changes and who will step up to fill the leadership void left by Verdeschi and Ybarra.