Feb. 14 (Bloomberg) -- Citigroup Inc., the third-largest U.S. lender, said Vice Chairman Michael Helfer will retire next month and Zion Shohet will take on an expanded regulatory role.
Helfer, 68, who served as general counsel and corporate secretary earlier in his career, will join the board of Banamex, the lender’s Mexico unit, according to a memo today from Chief Executive Officer Michael Corbat. The memo’s contents were confirmed by Mark Costiglio, a bank spokesman.
Helfer joined Citigroup in 2003 when former CEO Sanford “Sandy” Weill hired him from Nationwide Mutual Insurance Co. He advised the firm through its near-collapse and $45 billion bailout, which it has since repaid. In 2012, he became vice chairman, focusing on U.S. and international regulations and overseeing implementation of Dodd-Frank Act rules.
As the bank’s top lawyer, Helfer “helped guide our firm through the financial crisis and put us on a solid footing for growth,” Corbat said in the memo. “He was also a crucial link between our board and senior management as the company navigated difficult issues that impacted the core of our franchise.”
Shohet, 45, will become global head of regulatory reform and implementation, expanding his current duties to include relations with international regulators, according to the memo. Shohet reports to Chief Financial Officer John Gerspach.
Politico’s Morning Money blog reported the moves earlier today.
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