An MBA Becomes Citigroup Head
January 13, 2010
By the My MBA Career Content Team – Find Top MBA Degree Programs
Some students pursue an MBA with the hopes of one day landing an executive position for a large company. Many financial companies are now requiring an MBA degree for those in upper management.
Financial giant Citigroup recently announced that they have appointed an MBA to lead their consumer banking branch, one of their biggest concerns, according to the New York Times.
The bank has been hit with financial troubles due to unpaid mortgages and credit card debt, which is why they're beginning to restructure their business. Teresa Dial, who held the executive position for 18 months, will step down and serve as a senior advisor. Manuel Medina-Mora, an MBA program graduate, will take over the vacant job.
Medina-Mora currently runs the bank's branch in Latin America and will now serve as head of the North American branch as well.
According to the Bureau of Labor Statistics, large corporations prefer an MBA degree for their executive positions. Having a finance MBA could be a great way to work up the corporate latter in the banking industry.
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