Barbara Desoer, former head of the mortgage business at Bank of America Corp , has agreed to join Citigroup Inc as an executive in its banking subsidiary.
Citibank N.A. Chief Executive Gene McQuade said in an internal memo on Thursday that Desoer will serve as the unit's chief operating officer, effective October 15. A copy of the memo was seen by Reuters.
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Desoer had a 35-year career at Bank of America, leading the bank's combined home loan business after the acquisition of Countrywide Financial in 2008. She retired in February 2012.
Prior to Brian Moynihan's rise to the top spot at the Charlotte, North Carolina-based bank in January 2010, Desoer was considered a candidate for chief executive. She was effectively demoted in October 2011 when the mortgage business was folded into Bank of America's consumer business under David Darnell.
News of Desoer's hiring at Citigroup was first reported by American Banker.
(Reporting by Peter Rudegeair; Editing by John Wallace)