Citigroup Says Fraser to Replace Das as CEO of CitiMortgage

Citigroup Inc. (C), the third-largest U.S. bank by assets, named private-banking boss Jane Fraser to replace Sanjiv Das as chief executive officer of the CitiMortgage unit.

Das, a former Morgan Stanley (MS) executive hired by ex-CEO Vikram Pandit, is leaving to pursue “other professional opportunities,” Citigroup CEO Michael Corbat said today in an internal memo. Fraser was CEO of the New York-based company’s private bank for the past four years.

Corbat, 53, is reshuffling Citigroup’s executive team after replacing Pandit, 56, as CEO in October. The departure of Das, 51, follows the exits of Vice-Chairman Lewis “Lew” Kaden, emerging-markets head Hamid Biglari and consumer-operations boss Richard Garside. Corbat also reduced the duties of operations and technology head Don Callahan.

“Sanjiv took over CitiMortgage in the depth of the financial crisis,” Corbat wrote. “His leadership has helped stabilize the business during the most difficult of times.”

Mark Mason, head of the Citi Holdings division that contains the bank’s unwanted assets, will replace Fraser as CEO of the private bank. Francesco Vanni d’Archirafi, former head of the transaction-services business, will become CEO of Citi Holdings, the company said.

Das will remain at Citigroup for the next few months and work on “mortgage issues related to the government,” Corbat said.

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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