Citigroup’s Coutts Is Said to Depart as Co-Chief of French Investment Bank

Citigroup Inc. (C)’s co-chief country officer and head of corporate and investment banking for France, Eric Coutts, left the company as the lender reduces staff, according to a person with knowledge of the matter.

Coutts probably will be replaced as head of banking by Charles-Henri Filippi, the French unit’s chairman, said the person, who asked for anonymity because Filippi’s appointment isn’t official. Arnaud de Marmies becomes sole chief country officer, the person said.

Chief Executive Officer Vikram Pandit, 55, is cutting bonuses and chopping headcount at the New York-based bank to control expenses as revenue slumps. Pandit, who’s seeking to cut as much as $3 billion from costs this year, may eliminate 5,000 jobs and has reduced investment bank bonuses by an average 30 percent, a person briefed on the matter has said.

Revenue at Citigroup, the third-biggest U.S. bank, fell 10 percent in 2011 to $78.4 billion while expenses rose 7 percent to $50.7 billion, compared with the prior year. Net income increased 6 percent to $11.3 billion.

Coutts’ departure was reported earlier today by Reuters. Jeffrey French, a spokesman for Citigroup, said he couldn’t comment on the staff changes.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net; David Scheer at dscheer@bloomberg.net

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