The head of Citigroup Inc.’s mortgage business is bidding adieu to the company. In addition to replacing the mortgage chief, the company also named a new chief to its troubled asset unit.
Sanjiv Das was named chief executive officer of CitiMortgage in July 2008, just as the country was entering the worst financial crisis since the Great Recession. He replaced Bill Beckmann.
While Das came to Citi from Morgan Stanley, he had previously worked at Citigroup from 1991 until 1999 as head of the global mortgage product group and managing director of marketing and product development at CitiMortgage.
Now Das is leaving the O’Fallon, Mo.-based lender, according to copy of an internal memo from Citigroup CEO Michael Corbat obtained by Mortgage Daily.
Corbat noted that Das “will be pursuing other professional opportunities.”
Das will stay on at the mortgage unit for the next few months and work with Gene McQuade on mortgage issues related to the government, Corbat said.
| Taking over the CEO slot at CitiMortgage is Jane Fraser.
Fraser, who began her career with Citi in 2004, has served as CEO of Citi’s private bank during the past four years. Before joining Citi, Fraser was a partner at McKinsey & Co. Earlier in her career she worked as an analyst at Goldman Sachs. Fraser, a Harvard MBA, attended the University of Cambridge, according to her LinkedIn profile.
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Citi photo of Jane Fraser
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She will report to Citigroup Co-President Manuel Medina-Mora and join Citi’s operating committee.
Fraser takes over a business that originated $59 billion last year and serviced $176 billion in residential loans as of March 31. Citi ranked as the sixth-biggest residential lender during the first quarter of this year with $18 billion in mortgage production.
Corbat also indicated that Francesco Vanni d’Archirafi will become the new CEO of Citi Holdings.
d’Archirafi has led Citi’s transaction services businesses four the past four years.
