Citigroup’s Deepak Sharma to Retire as Chairman of Private Bank

Citigroup Inc., the third-largest U.S. lender, said Deepak Sharma will retire as chairman of its private bank after 38 years with the firm.

Sharma, 59, will step down at the end of April, according to a memorandum from the New York-based bank. Based in Singapore, Sharma has been chairman of the private bank since 2009, when he moved from his post leading the firm’s Global Wealth Management International unit.

“We’re sorry to lose his extraordinary talents and dedication, yet grateful for all he has done for our firm,” according to the memo, signed jointly by Chief Executive Officer Michael Corbat, James “Jamie” Forese, head of the institutional business, and Mark Mason, the private bank’s CEO.

Sharma began his career in 1976 as a management associate in India, according to the memo. He became chairman of the private bank in 2009, as Jane Fraser was named CEO of the unit. Fraser now runs mortgage operations.

Citigroup’s private bank, which serves clients with more than $25 million in net worth, oversees more than $290 billion in assets globally, said Natalie Marin, a spokeswoman. The unit’s revenue rose 5 percent to $1.89 billion in the first nine months of 2013 from a year earlier, according to a filing.

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