Bilgari All Set To Quit As Citigroup Emerging Markets Head- C

Under the stringent steps taken by Michael Corbat, the Chief Executive Officer Citigroup, Inc. (NYSE:C) to cut jobs and restructure the management, Hamid Biglari the head of emerging markets has confirmed to quit the Citigroup, Inc. (NYSE:C)

As per the memorandum sent by Corbat to all his employees Bilgari’s decision to leave Citigroup, Inc. (NYSE:C) was quoted as one to explore his better professional opportunities. He was previously working as chief operating officer

Bilgari’s exit from Citigroup, Inc. (NYSE:C) is seen as another strong step to cut costs by changing senior executives after CEO Vikram Pandit’s exit in October 2012. After the retirement of Richard Garside, the chief of consumer operation and Vice-Chairman Lewis Kaden the exit of Bilgari is seen as a major development in the Citigroup, Inc. (NYSE:C).

Corbat has appreciated the work related to core banking, global client relationship, and development in emerging market executed by Bilgari. He even appreciated Bilgari’s strategic counseling and efforts which have ensured that the Citigroup, Inc. (NYSE:C) has an upper hand in the industry over the thought of leadership.

As per profile on Citigroup, Inc. (NYSE:C)’s webpage Biglari with his vast experience of 12 years has been responsible for prioritization and resource allocation for the bank’s operations along with portfolio optimization. He has been heading the business-development committee as a chairman, which is responsible for institutional-client activities.

Along with this he has been heading research departments. The emerging markets amounts for more than 50% of Citigroup, Inc. (NYSE:C)’s profit. Due to the hiring of thousands of workers and investing billions of dollars in countries like India, Brazil, China and Singapore the emerging market post were gained by Bilgari in 2011.

At Citigroup, Inc. (NYSE:C), Bilgari was also the Director of the Turkish bank, Akbank TAS (AKBNK) partly owned by Citigroup, Inc. (NYSE:C). However Costiglio, the spokesperson of Citigroup, Inc. (NYSE:C) refrained from commenting on the successor of Bilgari.

With a doctorate from Princeton University in astrophysical sciences, Bilgari was a partner at McKinsey & Co. Before joining the Citigroup.

Shares of Citigroup, Inc. (NYSE:C) were down by 2.92% to close at $41.24.