Manuel Medina-Mora, Citigroup’s head of consumer banking and chairman of its Mexico unit Banamex, is poised to resign in the coming months.
Media reports suggest that Medina-Mora will leave or announce his resignation by early 2015.
Go deeper with GlobalData
The decision comes following a troubled year for Banamex, with disclosures of the unit’s alleged fraud.
It is believed that many board members have pushed Medina-Mora’s decision to leave, even though he received support from chief executive officer Michael Corbat and chairman Michael O’Neill.
Disclosing more troubles at the Mexico unit, Citigroup recently also announced the shutting down of a unit providing personal-security services for executives.
Banamex has already witnessed the departure of many executives, which include those close to Medina-Mora.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
