India-born Menezes is Citibank chairman

NEW YORK, MARCH 22: Citigroup Inc, the number one US financial services company, said on Tuesday it named corporate banker Victor Menezes ...

NEW YORK, MARCH 22: Citigroup Inc, the number one US financial services company, said on Tuesday it named corporate banker Victor Menezes chief executive and chairman of its banking arm, Citibank NA, replacing John Reed.

Menezes will remain co-CEO of Citigroup’s global corporate and investment bank and regional business executive for emerging markets, the company said. "I don’t think either of these announcements is particularly shocking," said analyst George Bicher of investment bank Deutsche Banc Alex Brown. "One fills the CFO slot, and you have to have a CEO of the bank because that is a regulated vehicle."

Menezes joined Citibank in 1972 and has been president of the operation since 1998. As co-CEO of corporate and investment banking, he has been responsible for combining the business of securities arm Salomon Smith Barney with Citibank’s corporate bank. Menezes’ name was among those tipped to take over from Weill one day, but Deutsche’s Bicher was sceptical.

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The company also appointed private banker Todd Thomson chief financial officer, replacing Heidi Miller, who quit to become the chief financial officer of Internet commerce company Priceline.com. Thomson, 39, was CEO of Citibank’s global private bank and will now oversee the finances of the world’s second most profitable company.

Citigroup co-chairman and co-CEO Reed said last month he would retire in April, leaving Wall Street dealmaker Sanford "Sandy" Weill as the sole CEO of the company. Weill said he planned to name a successor within two years.

Reed previously was head of leading bank Citibank andorchestrated its 1998 blockbuster merger with Travelers Group, led by Weill.