NEW YORK (Reuters) - Citigroup Inc (C.N) has promoted Chief Investment Officer Mike Verdeschi to the vacant post of treasurer, according to a memo on Thursday from Chief Financial Officer John Gerspach.
The previous treasurer, James von Moltke, resigned in April to become chief financial officer of Deutsche Bank (DBKGn.DE).
As treasurer, Verdeschi will work to optimize Citigroup’s balance sheet and meet with regulators, investors and securities analysts, Gerspach wrote in the memo, which was seen by Reuters.
Verdeschi joined Citi in 1990 and became chief investment officer in 2015, according to the memo. He started in the securitized products business and worked in various treasury roles, including rates portfolio management, funding, and retail banking for North America.
As CIO, Verdeschi was responsible for management of Citigroup’s $350 billion (267.83 billion pounds)securities portfolio and a broad range of assets. The bank is searching for his replacement.
In his memo, Gerspach thanked Loretta Moseman and Joe Bonocore for having served as interim co-heads of Citi Treasury.
Reporting by David Henry in New York; Editing by Andrew Hay and Steve Orlofsky