Banking veteran Paco Ybarra, CEO of Citigroup’s institutional clients group (ICG), will step down in the first half of 2024, ending his 36-year career with Citi.
Facts
- Paco Ybarra’s departure from Citigroup is scheduled for the first half of 2024.
- Ybarra joined Citi in 1987 as a management associate and held various positions, including co-head of global fixed income and global head of markets and securities services.
- He has been CEO of ICG since 2019.
- According to Citigroup CEO Jane Fraser, Ybarra is praised as a brilliant strategist and global markets expert who contributed to the bank’s refreshed strategy, transformation, improved client experience, and smarter data use.
- Ybarra successfully navigated through challenging moments in the industry, including the Mexican peso crisis of 1994, the global financial crisis of 2008, and the Covid-19 pandemic of 2020.
- He will assist in the transition of his responsibilities during his departure from Citi, but his successor remains unknown.
