Citigroup Upper Management Moves

Citigroup has reshuffled its upper management ranks on Tuesday, naming Michael Carpenter as head of its investment and corporate banking operations and Victor Menezes as chief of its growing emerging markets businesses.

Previously, Menezes and Carpenter shared oversight responsibility of Citigroup’s investment and corporate businesses, including the No. 3 U.S. brokerage Salomon Smith Barney and Citigroup’s global relationship bank. The operations produced around 30 percent, or $900 million, of Citigroup’s latest quarterly earnings.

Both Menezes, 51 and Carpenter, 53 are seen as potential successors to Sanford “Sandy” Weill, 67, who became the company’s sole chief executive in April after the retirement of former co-chief executive, John Reed.