Francisco Aristeguieta took over as Citigroup’s head of Asia Pacific on June 1 last year. It was not ideal timing. Two weeks after he arrived, China’s stock markets crashed.
The benchmark Shanghai Composite stock market index hit a multi-year high of 5,166 points on June 12, before tumbling 25% in a month. Aristeguieta has been grappling with the fallout.
Consumers and institutional banking, gripped by uncertainty, have backed off making investments.
He has responded by closing bank branches and streamlining operations.
“These are not always easy discussions, people can hang on to the past, but I am very aggressive when it...