Citigroup names new chief risk officer

Citigroup has appointed Jorge Bermudez as chief risk officer, and is tightening up risk management after suffering major losses from the subprime crisis.

Bermudez will replace David Bushnell, chief administrative officer and chief risk officer, who will retire at the end of the year. He will be assisted by a newly formed risk committee. The committee will include Hamid Biglari, the head of the financial institutions group in Citigroup's investment banking arm; Brian Leach, CRO and co-chief operating officer at the bank's fund management arm, Old Lane; and David Lipton, head of global country risk.

Bermudez was previously chief executive of the commercial business group in North America and Citibank Texas. He will be replaced by Peter Knitzer, who also keeps his current job as chairman and chief executive of Citibank North America.

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