Mike Corbat, chief executive officer of Citi Holdings since January 2009, has been promoted to the head of the bank's operations in Europe, the Middle East and Africa, absorbing what was previously two jobs, The Wall Street Journal reported Saturday.
Bill Mills, one of the executives Corbat is replacing, will head Citi's North American banking. Alberto Verme, the other executive Corbat is replacing, will become regional chairman responsible for Europe, the Middle East and Africa.
Japan, the bank said, would now operate as a stand-alone region.
Citigroup said the Japanese division, formerly part of the Asian-Pacific region, would be its own division reporting to John Havens, the company's chief operating officer.
In a statement the bank said the changes will all take effect Jan. 1 and are part of a personnel development strategy.
"Development of leaders … (is) at the core of our firm," the statement said.