Citi names local chief executive

Citi has promoted its local head of markets Mark Woodruff to the chief executive officer for Australia, following Marc Luet's move to head up Japan.

Woodruff has worked at the US banking giant for 20 years, stepping in as acting head of Australia and New Zealand in January.

Reporting to the bank's head of North East Asia Tim Monger, he is charged with driving Citi's strategy in the region.

Citi said the top job also includes maintaining a strong risk and control environment and fostering a high-performing, inclusive and supportive culture for the franchise.

"I am confident he will drive the Australian and New Zealand businesses to further growth and support our clients as they navigate a challenging macroeconomic landscape," said Monger.

"Mark's strong leadership credentials and markets experience means he is well-positioned to help Citi meet its global strategy to become a more focused, better-connected and simpler bank."

Since starting with Citi in 2002, Woodruff has held several leadership roles, including head of investor sales.

Citi will soon begin the search for Woodruff's replacement as head of markets.