(Corrects Forese’s age to 56 from 55 in 3rd paragraph)
April 11 (Reuters) – James Forese, president and chief executive officer of Citigroup Inc’s> institutional clients business, has decided to retire, according to an internal memo seen by Reuters.
This will be the biggest departure from the third-largest U.S. bank’s executive team since former consumer banking head Manuel Medina-Mora left three years ago.
Forese, 56, had told acquaintances that he was frustrated and unhappy, sources told Reuters.
Forese, who began overseeing the business in 2011, is the second-highest paid executive at the bank after Chief Executive Officer Michael Corbat.
He will be succeeded by Paco Ybarra, the global head of markets and securities services. Ybarra had been serving as Forese’s deputy since October 2018, and