A Contender Again

Jan 1, 2005

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 promises.

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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