According to an internal memo announcing management changes, viewed by TheStreet, CEO Mike Corbat said Jane Fraser will become CEO of Citi Mortgages. Fraser led the Citi Private Bank for the past four years. Fraser, a former partner at McKinsey & Co. joined Citigroup in 2004.
Das will, however, remain at the bank for the next few months to help the bank work on mortgage issues related to the government.
Citi Mortgage is one of the five servicers who entered into the $25 billion national mortgage settlement in 2012 with 49 states. It is also one of several banks that entered into a $9.3 billion foreclosure settlement with the Federal Reserve and the Office of the Comptroller of the Currency earlier this year.Mark Mason will take over from Fraser as CEO of Citi Private Bank. Mason had been a senior executive at Citi Holdings, the non-core arm of Citicorp that is in wind- down mode. Citi Holdings losses are shrinking and the unit now accounts for only about 8% of total assets compared to 40% at the peak. Francesco Vanni d'Archirafi will be CEO of Citi Holdings. A 30-year veteran at Citigroup, Vanni d'Archirafi has been leading the bank's transaction services unit for the past four years. -- Written by Shanthi Bharatwaj in New York. >Contact by Email. Follow @shavenk