Longtime Citi treasurer is departing, aged 33 years in service

In a significant move, Citigroup has announced a series of changes in its leadership team. Notably, longtime executive Mike Verdeschi is stepping down from his role as Treasurer, a position he held for six years, after 33 years with the bank.

Verdeschi joined Citi in 1990, starting his career in the securitized products business. Over the years, he held several treasury roles, including rates portfolio management, funding, and retail banking for North America. In 2015, he was appointed as the chief investment officer, overseeing the bank's securities portfolio and a broad range of assets.

During his tenure as Treasurer, Verdeschi managed the bank's multitrillion-dollar balance sheet through challenging times, including the pandemic and this year's banking industry turmoil. His leadership was instrumental in rapidly increasing interest rates to maintain the bank's financial stability.

Verdeschi's departure from Citi is not related to any specific financial or operational issues. His successor as Treasurer, Bruce Gifford, will take over the role on a permanent basis. Gifford's appointment was confirmed in a memo by CFO Mark Mason.

Meanwhile, Mark Smith, who has spent 25 years with Citi in various treasury roles, will replace Verdeschi on an interim basis. Smith previously led Citi's treasury and trade solutions division in Europe, the Middle East, and Africa.

The departure of Verdeschi follows that of Peter Babej, a 13-year veteran at Citi, who is expected to retire next year, and the commercial banking chief, Paco Ybarra, who left Citi this year.

The banking industry is witnessing a wave of changes, with various schools of thought on how to disrupt the space. Despite these changes, Citi remains steadfast, continuing to adapt and evolve its leadership team to meet the challenges of the future.

Citi did not comment on the request for comment made to their website regarding these leadership changes.