REUTERS: James Forese, president and chief executive officer of Citigroup Inc's institutional clients business, has decided to retire, according to an internal memo seen by Reuters.
This will be the biggest departure from the third-largest U.S. bank's executive team since former consumer banking head Manuel Medina-Mora left three years ago.
Forese, 56, had told acquaintances that he was frustrated and unhappy, sources told Reuters.
Forese, who began overseeing the business in 2011, is the second-highest paid executive at the bank after Chief Executive Officer Michael Corbat.
He will be succeeded by Paco Ybarra, the global head of markets and securities services. Ybarra had been serving as Forese's deputy since October 2018, and will take over his role on May 1.
Forese's unit, which includes treasury services, the investment bank, corporate lending capital markets, delivered 50 percent of revenue and more than two thirds of profit for the bank last year.
His division fell short of annual targets in 2018 and Forese was the only executive on the operating committee not to receive a raise for the year, according a recent filing.
Forese retires after having spent his entire career at the firm. He came to the company through Salomon Brothers, which he joined in 1985, and cut his teeth in the securities trading business, eventually working his way up to become head of the markets division.
(This story has been refilled to correct Forese's age to 56 from 55 in third paragraph)
(Reporting By Imani Moise and Aparajita Saxena; Editing by Shailesh Kuber)