Bloomberg News

Citigroup Names Cowles EMEA Operating Chief in Overhaul

February 03, 2012

(Updates with revenue in the third paragraph, Corbat comment in fourth.)

Feb. 2 (Bloomberg) -- Citigroup Inc., the third-biggest U.S. bank by assets, named James Cowles chief operating officer for Europe, Middle East and Africa as the firm overhauls its management structure for the region.

The lender also appointed Peter McCarthy as chief administrative officer for the region, according to a memo today from Michael Corbat, chief executive officer for EMEA. Steven Blaney, a spokesman for the New York-based company, confirmed the memo’s contents.

Corbat is restructuring the division after Citigroup CEO Vikram Pandit, 55, promoted him to head EMEA in November. He became the sole CEO of a region that produced about 16 percent of the bank’s $78.4 billion in revenue last year, replacing co- heads Alberto Verme and William Mills.

“As we move from co-CEOs to a single CEO of EMEA, our regional management structure should evolve to remain efficient and effective while recognizing the size and complexity of our region,” Corbat said.

The bank’s management will be grouped into four “clusters,” Corbat said. Cowles also will be cluster head of Western Europe while Zdenek Turek will be in charge of Central and Eastern Europe. Naveed Riaz and Atiq Ur-Rehman will oversee Africa and the Middle East, respectively.

The appointments were reported earlier by Reuters.

--Editors: Peter Eichenbaum, Dan Kraut

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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