Citigroup Inc. has named Brian Leach as its new chief risk officer.
Leach, 48, comes from Old Lane Partners, a hedge fund he co-founded with Citigroups new CEO Vikram Pandit. At Old Lane, Leach served as chief risk officer and co-CEO.
Leach will succeed Jorge Bermudez, a 33-year Citigroup veteran who has had the risk job for just three months, according to Dow Jones News Service.
"Last October, Jorge informed senior management of his intention to retire, and given the challenges facing the risk organization, he agreed to take on the leadership of the function," Pandit said Wednesday. "He will apply the same dedication as he works with Brian over the coming months on a new governance structure for the risk organization."
Pandit said Leach is a widely respected industry risk veteran and added that he was "confident that he and our risk team will lead an independent, best-in-class risk management function that exercises prudent judgment in managing the risks inherent in our business and plays an important role in Citi's capitalizing on emerging growth opportunities."
Before Old Lane, Leach was risk manager of institutional services for Morgan Stanley and was also chief operating officer for Morgan Stanleys fixed income division.
Citi acquired Old Lane Partners last April.