Citigroup appoints private banking head
Legal Week Reports
August 28, 2002 at 08:03 PM
2 minute read
Citigroup has hired a new European head of legal for its private banking arm following the departure in July of former head Bruce Hogarth-Jones.
Robert Stemmons, who joined Citigroup in July in New York, has been relocated to London and will begin his new role when he returns from holiday in September.
The bank was unable to confirm the reasons behind Hogarth-Jones' resignation, although it is understood that he has yet to make a decision about his next move.
One Citigroup source told Legal Week that the move was considered to be "sensitive".
Stemmons has a high profile in the City after spending six years at Coutts & Co – the private banking arm of NatWest – where he became European general counsel.
In a surprise move, Stemmons resigned from Coutts last year following the takeover of NatWest by Royal Bank of Scotland to become European legal director of asset management group Zurich Scudder Investments (ZSI).
However, Stemmons was at ZSI for little more than a year before returning to New York to work for Citigroup in July.
Prior to joining Coutts, Stemmons had worked as a lawyer at the London office of US firm Curtis Mallet-Prevost Colt & Mosle.
The news comes as Citigroup embarks on a shake-up aimed at toughening up the bank's internal risk monitoring and regulatory oversight.
The bank has set up a task-force to review its due diligence process and is implementing procedures that are aimed at keeping research analysts and investment bankers separate.
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