By Dow Jones Business News, October 10, 2013, 11:46:00 AM EDT
By Saabira Chaudhuri
Citigroup Inc. ( C ) has hired Barbara Desoer, a high-profile mortgage executive who was once a candidate to become
chief executive of Bank of America Corp. ( BAC ), to be the new chief operating officer of Citigroup's legal vehicle,
Ms. Desoer's appointment is effective Tuesday. Her appointment comes as Citi's Chief Executive Michael Corbat is
working to cut expenses and battle regulatory hurdles, all while grappling with what analysts say is a slowdown in
emerging markets, an area in which Citi has a strong footprint.
Previously Bank of America's president of home loans, Ms. Desoer in February of last year said she was stepping down
from her role at the Charlotte, N.C., lender.
Ms. Desoer had seen her role at Bank of America reduced twice in 2011 amid a reshuffling of the retail banking and
mortgage leadership team. In a memo last year she said she "made the choice to retire and get on with the next phase of
She had however hinted she could return to the financial-services industry, saying she wanted to dedicate some time to
board commitments and then "think about what is next."
In an internal memo on Thursday, Citibank N.A.'s Chief Executive Gene McQuade called Ms. Desoer "the ideal person to
deepen the management bench."
Ms. Desoer will report to Mr. McQuade.
-Dan Fitzpatrick and Joann S. Lublin contributed to this article.
Write to Saabira Chaudhuri at firstname.lastname@example.org
Corrections & Amplifications
This article was corrected at 12:19 EDT to fix the mistaken characterization of Ms. Desoer's new role as COO of the
retail bank. She will become COO of Citigroup's legal vehicle, Citibank N.A.
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