Citi has promoted Brazilian Marcelo Marangon to the top of its global wholesale structure. Currently the bank's CEO in Brazil, the executive has been appointed global co-head of corporate banking, and will now lead operations in the Americas from New York.
The change was announced in an internal letter signed by global head Vis Raghavan, which NeoFeed had access to.
Marangon is leaving his position as chief country officer in Brazil and will assume responsibility for relationships with large companies and multinationals in one of the American group's most strategic businesses. The change is part of a broad reorganization of Citi's global leadership.
The executive will share global leadership of the area with Kaleem Rizvi, who will be based in London and responsible for operations in the United Kingdom, Europe, the Middle East, Africa, and Asia.
Together, they will define the global strategy of the corporate bank, focusing on expanding the integrated business model known internally as "One Citi".
With nearly three decades of experience at Citi, Marangon built his career within the bank, working in various areas before taking command of the Brazilian operation, one of the group's largest and most important outside the United States. Now, he joins the most senior core of the institution's global leadership.
In the internal memo, Raghavan stated that Citi's new structure aims to accelerate the growth of corporate banking, expand relationships with global clients, and strengthen coordination between products, regions, and commercial teams.
Reorganization at the top
The promotion of the Brazilian executive comes amid a series of changes at the bank's top management announced by Citi's global head.
Among these, the bank promoted Jason Rekate and John Chirico to the highest level of the institution's commercial hierarchy. Rekate will assume the role of Global Chair of corporate banking, while Chirico will head investment banking.
According to Citi, the Global Chairs are stepping away from operational management to focus exclusively on relationships with large global clients, with a direct focus on revenue generation and expanding share of wallet .
With these changes, other executives are taking over key positions within the corporate bank. The bank announced that it will begin the succession process in the coming months for the positions previously held by Marangon and Rizvi.
