Deryck Maughan to Leave Citigroup

Citigroup Inc., the world’s biggest bank, said Vice Chairman Deryck Maughan would leave the firm, along with investment management head Thomas Jones and Peter Scaturro, who ran the private bank, an internal memo said.

Maughan led Citigroup’s international strategy. The New York-based company’s asset management, private banking and Travelers Life & Annuity businesses will report to President and Chief Operating Officer Bob Willumstad, Citigroup Chief Executive Charles Prince said in the memo to employees.

The changes are effective immediately, according to the memo, whose contents were confirmed by a Citigroup spokeswoman. After Nov. 5, the private bank will report to Todd Thompson, who will be head of the Smith Barney brokerage unit.