Citigroup sales co-head Cacorino leaving: memo
August 23rd, 2008 | by admin |NEW YORK (Reuters) - Antonio Cacorino, Citigroup’s (C.N: Quote, Profile, Research, Stock Buzz) co-head of global investor sales, is leaving the bank to pursue new opportunities, according to an internal memo obtained by Reuters.
Cacorino has been at Citi for 20 years. He is the latest multi-decade veteran to leave the bank under Vikram Pandit, who became Citi’s chief executive late last year, and is looking to bring the bank back to profitability.
Pandit and John Havens, head of Citi’s institutional clients business, have been reducing staffing in areas like sales and trading to reflect deteriorating market conditions.
The bank is cutting about 6,500 position in its corporate and investment banking group this year, many of which were announced in June.
Cacorino and his co-head Jim O’Donnell, oversaw sales for all products, whether in fixed income, commodities, currencies, and equities.
The bank is also reorganizing its capital markets business to ensure there are more regional managers and more global product managers looking after specific areas, according to a separate memo. That move should help Citi better serve clients and manage risk, that memo said.
O’Donnell will now serve as head of investor relationship management and sales, the memo said.
Citigroup has in recent months announced the departure of a series of senior executives. In July, the bank said Michael Klein, a former investment banking head, was leaving.
Steve Bowman, head of hedge fund services, has left, as has the bank’s head of global mergers and acquisitions, Frank Yeary. Both had worked at Citigroup and predecessor companies for years.
(Reporting by Dan Wilchins; Editing by Daniel Trotta, Gary Hill)
