According to a internal memorandum, Christine Lam, the head of China, will retire at the end of this year after working in the United States for 40 years.
Bloomberg quoted this memorandum that Lin Yuhua has held many senior positions in Citi Group, including Hong Kong and Macau consumer business managers and chief operating officers of the global banking business.The person in charge of the district.The Citi Group spokesman confirmed the content of the memorandum.
Tim Monger, head of the North Asian and East Asian business group in Citi Group, wrote in the memo: "Under Lin Yuhua's leadership, our Chinese business has made great progress .....Lin Yuhua has played a key role in the difficult task of our successful implementation of China's strategic update and ending the consumer business. "
Citi Group said last year that it will reduce the consumption business in China,Exit deposits, insurance, mortgage loans and bank cards.A document shows that as of the end of 2022, the Bank of America's risk in China was US $ 20.7 billion (about S $ 27.4 billion).
Memorandum stated that the procedure of the new person in charge of the Chinese region is in progress, and it will issue an announcement at an appropriate time. At the same time, it is added that Lin Yuhua will cooperate with her successor to ensure a smooth transition.
