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Citigroup's Gelb to Head U.S. Treasury, Replacing Gupte

Citigroup Inc. (C), the third-biggest U.S. bank, promoted Andrew Gelb to North America head for treasury and trade solutions, a unit with more global revenue than equity trading and investment banking combined.

Gelb, 42, replaces Amol Gupte, who will lead the transaction-services business in the Asia-Pacific region, New York-based Citigroup said today in a statement. Gelb will report to Julie Monaco, North America head of transaction services, and Naveed Sultan, global head of treasury and trade solutions.

Sultan’s unit, known as TTS, is part of Citigroup’s global transaction-services division, which handles more than $3 trillion of transactions every day. Gelb has worked in the division for almost 15 years, including roles in London, New York and Tokyo, the bank said.

“The North America region represents a tremendous opportunity for our TTS franchise,” Sultan said in the statement. “Andrew’s extensive international experience will allow him to bring our globality to our clients to service their financial and commercial flows in and out of North America.”

Global revenue at the TTS unit increased 10 percent to $4.17 billion for the first six months of 2012, compared with the same period in the prior year. The figure exceeded the $4.08 billion in combined revenue at the lender’s equity-trading, investment banking and private banking operations for the same period.

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

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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