Citigroup is replacing Sanjiv Das, the chief executive of its mortgage unit, with private bank head Jane Fraser.

Das, who took over CitiMortgage in 2008 and spent the past few years trying to drag it out of the financial crisis, is leaving the bank to pursue "other professional opportunities," Chief Executive Michael Corbat said in a memo to employees on Monday. Das is not quite finished helping Citigroup clean up its mortgage division; Corbat added that "Sanjiv has agreed to remain at Citi for the next few months and work with [Citibank CEO] Gene McQuade on mortgage issues related to the government."

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