Chief executive of the institutional clients group at Citi is set to step down in the first half of 2024 after 36 years with the bank, according to an internal memo seen by The TRADE.
Described as “grace under fire,” Paco Ybarra joined Citi in 1987 as a management associate, going on to work on Citi’s trading floors in Mexico, Singapore, New York and London. He took up his role as chief executive officer of the institutional clients group in 2019 after previously serving in the bank’s markets and securities services business.
“Paco helped Citi navigate some of our industry’s most challenging moments, including the Mexican peso crisis in 1994, the global financial crisis and the pandemic,” said the memo.
“Those of us who have the privilege of working with Paco admire his humbleness, curiosity and incredibly sharp instincts. […] Our bank is undoubtedly a better place because of all that Paco has contributed, and he will always have our deep and enduring gratitude.”
The bank is now in the process of determining who will be appointed to assume Ybarra’s responsibilities when he steps down next year, with plans to announce a succession plan in the coming months.
His is the second confirmed senior departure in recent months after the bank’s global head of FX, Stuart Staley, also confirmed plans to step down in April after almost 20 years’ service.
Flavio Figueiredo was appointed global head of foreign exchange in July, effective immediately, according to an internal memo seen by The TRADE. Figueiredo is a Citi veteran, having spent almost 35 years at the bank, most recently serving as global head of corporate sales and solutions in markets, leading a team spanning 65 jurisdictions.