Citi has appointed Brad Hu as global head of risk — a promotion from his current position as the Asia head, and a reflection of the region’s importance as the US bank’s fastest-growing market.
In 2012, Citi also appointed its consumer bank head, Jonathan Larsen, global head of retail banking. Unlike Larsen, who remains based in Hong Kong, Hu will be relocating to New York in the coming weeks.
In the move announced Monday by new chief executive officer Michael Corbat, the bank promoted Hong Kong-based Hu to chief risk officer, replacing Brian Leach.
Hu was chief risk officer in Asia for Citi for four years, and headed the Asia risk management committee. Prior to that, he was chief executive of Morgan Stanley in Taiwan.
Leach will be appointed head of franchise risk and strategy, responsible for the bank’s audit, compliance, corporate policy and strategy functions, according to a statement.
In another notable reshuffle in the region, Asia-Pacific chief executive, Stephen Bird, will report directly to Corbat, as will other regional heads for the bank, returning to a structure that was in place before Vikram Pandit became chief executive in 2007.
Bird previously reported to John Havens, who was chief operating officer under Vikram Pandit. The changes are part of appointments made Monday by Corbat.