A major overhaul is underway at Citi's highest ranks as bank president Jamie Forese announces his retirement

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Corbat announced another major shakeup to Citi's leadership team.

• Another leadership shakeup is underway at Citigroup.
• Bank President Jamie Forese is retiring, and several other executives are either leaving or taking on new roles, according to a memo from CEO Michael Corbat.

Another management shakeup is underway at Citigroup, with a handful of key leaders departing or taking on new roles, including Citi president Jamie Forese.

Forese, a 34-year veteran of the bank and the head of the firm's Institutional Clients Group, is retiring, according to a memo from CEO Michael Corbat viewed by Business Insider. Paco Ybarra, currently his deputy and the head of markets and securities services, will take his place running the group.

Ybarra, a 32-year Citi veteran himself, will assume the position May 1, and Forese will stay through the summer to help with the transition.

After Ybarra's elevation, the markets division will be run by Citibank COO Carey Lathrop, and Andy Morton, global head of G10 Rates, Markets Treasury and Finance.

Other moves announced in the memo from Corbat:

• Francisco Aristeguieta, CEO of Asia Pacific and member of the operating committee, is also leaving Citi effective April 19. He's pursuing an opportunity outside of banking.
• Tim Monger, head of productivity, will replace Aristeguieta on an interim basis.
• Mary McNiff, Citi's chief auditor, will become CEO of CBNA. She will also chair the Citi Business Practices Committee and manage global data aggregation and reporting.
• Jessica Roos, chief auditor for the institutional clients group, will replace McNiff as chief auditor of Citi.

This Story is Developing.