Citi's consumer banking head plans to leave - WSJ
Oct 14 (Reuters) - Manuel Medina-Mora, head of Citigroup Inc's consumer banking and chairman of the company's troubled Mexico unit, is preparing to leave in the coming months, the Wall Street Journal reported, citing people with knowledge of the situation.
Details of his departure were not finalized and could change, but he is expected to leave or announce his departure by early next year, the Journal reported.
Citigroup representatives did not immediately respond to an email seeking comment outside regular U.S. business hours.
Several board members this year had pushed Medina-Mora to leave, but Chief Executive Michael Corbat and Chairman Michael O'Neill have been supportive of him, the report said, citing sources. (on.wsj.com/ZruwpT)
Medina-Mora's possible exit would come after a tough year for Citigroup's Mexico unit, known as Banamex.
Earlier this month, the head of Banamex resigned earlier this month after problems, including a major loan scandal that generated hundreds of millions of dollars in losses.
Citigroup said on Tuesday it had uncovered a $15 million fraud at Banamex, related to a security services company the bank operated.
Earlier this year, Citi uncovered at least $400 million in fraudulent loans that Banamex made to Mexican oil services company Oceanografia. That figure has since increased to over $500 million.
Medina-Mora's pay for 2013 was cut to $9.5 million from $11 million due to control issues faced at the U.S. unit of Banamex.
Banamex USA is facing a U.S. criminal investigation involving possible violations of money-laundering laws, Reuters reported in April. (Reporting by Rama Venkat Raman in Bangalore; Editing by Gopakumar Warrier)
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