Citigroup co-president and global consumer banking head Manuel Medina-Mora is retiring in June, halting a 43 year old banking career.
The move comes after the bank’s Mexico operations Banamex, which is chaired by Medina-Mora, faced a $400m fraud scandal last year.
The fraud triggered an internal investigation into the unit which revealed other problems, including problems at the bank’s private security division.
The bank is yet to find a successor for Medina-Mora, who will continue in his capacity as non-executive chairman of Banamex following retirement.
Banamex’s US business is also facing a US criminal probe for alleged violations of money-laundering laws.
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By GlobalData