New York — James Forese, president and CEO of Citigroup’s institutional clients business, which contributed two-thirds of the bank’s profits in 2018, is retiring, according to an internal memo. This would be the most high-profile departure from the executive team at the third largest US bank since consumer banking head Manuel Medina-Mora left three years ago. The division fell short of some annual targets in 2018 and Forese was the only executive on the operating committee not to receive a raise for the year, according to a recent filing. Citi said Forese, 56, decided to retire after 34 years at the company. He has told acquaintances he was frustrated and unhappy, according to sources. Forese was the second highest earner at Citi after CEO Michael Corbat. His unit, which includes treasury services, the investment bank, corporate lending, and capital markets, delivered 50% of revenues and more than two-thirds of profits to the bank in 2018 . Forese, who began overseeing the bu...

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