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Citi appoints Jorge Bermudez as chief risk officer

Citi, a financial services company, has announced the appointment of Jorge Bermudez as chief risk officer, with responsibility for market, credit, and operational risk and compliance around the world for Citi and all of its subsidiary companies.

The appointment is effective immediately, and Mr Bermudez will report directly to acting CEO Sir Win Bischoff.

The company has also announced that after 22 years of service to Citi, Dave Bushnell, chief administrative officer and chief risk officer of Citi, has decided to retire, effective December 31, 2007. After December 31, Mr Bushnell will continue to advise Citi as a consultant.

During his 30-year career at Citi, Mr Bermudez has served in a wide range of senior leadership roles. During his career at Citi, Mr Bermudez also was CEO of Citi Latin America, where he was responsible for the consumer, private banking, asset management, and corporate & investment banking businesses. His most recent assignment was as CEO and president of Citi’s commercial business group in North America and Citibank Texas, and he serves as a member of Citi’s operating and management committees.

Mr Bischoff said: Jorge brings extensive experience in managing risk and a deep understanding of our complex businesses. We welcome him to this new role, and look forward to his contributions in enhancing Citi’s risk management and compliance.