A Contender Again
Manuel Medina-Mora, the CEO of Citigroup in Latin America, lays out his plan for the bank's future
in the region.
Citigroup is again shaking up its wayward Latin American
franchise. Manuel Medina-Mora, the bank's supremo for Latin
America, has had a great first year in the job and promises
more action to whip the bank's business into shape in 2005.
Clients, bankers, investors, regulators and his bosses in New
York all have high expectations that the slight and, at first
impression, unassuming Mexican will make good on his
He is the third man in as many years to lead Citigroup in
Latin America. Clients complain about churn at the top, poor
service and the bank's decision to drop them when Latin
American financial markets plunged in 2002.
Problems in the region were part of a broader malaise at
Citigroup as it struggled with private banking scandals in
Japan, possible bond market irregularities in Europe,
multibillion-dollar lawsuits in the US and a stagnant share
price. Still, within Latin America,...
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