Jane Fraser, who served as CEO of Citigroup's private bank for the past four years, has reportedly been tapped as the new chief executive of the bank's mortgage unit.
Fraser will replace Sanjiv Das, who spent the past five years helping CitiMortgage recover from the financial crisis. Das is stepping down to pursue other professional opportunities, according to a Bloomberg report citing an internal memo from CEO Mike Corbat.
In a reshuffling of Citigroup's top brass, Mark Mason will take over for Fraser as CEO of the private bank, while Francesco Vanni d'Archirafi will become the new CEO of Citi Holdings, according to the report.
Fraser joined Citigroup in 2004 and has held several executive roles with the bank during the past nine years. She served as global head of strategy and mergers and acquisitions before taking over the private bank in 2009.
Das has reportedly agreed to remain on board for several months to aid in the transition, as well as to address mortgage issues related to the government.