Citicorp loses a third executive

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The Independent Online
NEW YORK - Citicorp confirmed yesterday that another senior executive had left the bank abruptly, the third high-ranking official to do so in recent months, writes Larry Black.

Richard Mahoney, who headed the bank's foreign exchange operations in North America and had been with Citicorp for two years, left the bank a month ago. No reason was given for his sudden departure.

Foreign exchange was Citicorp's most profitable business in the last financial quarter, earning dollars 364m and making the difference between a profit and a loss for America's largest bank. But European currency volatility accounted for much of the profit, and most of the trading was outside Mr Mahoney's purview.

Earlier this month, Richard Braddock, the bank's president, resigned suddenly and without explanation. A Citicorp spokeswoman said yesterday that there was 'absolutely no connection' between the two departures.

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