Citicorp Selects Consumer Banking Chief as President

Richard Braddock, head of Citicorp’s consumer banking business since 1985, has been named president and chief operating officer of the nation’s biggest banking company.

The Citicorp board chose Braddock, 48, to become the company’s first president since 1983, when William Spencer retired from that post after more than 40 years with the company.

Over the past several years, the post of president essentially was split among the executives heading Citicorp’s three core sectors: retail banking, institutional banking and investment banking.

Braddock, who is a director of Citicorp and its chief subsidiary, Citibank, had been sector executive in charge of Citicorp’s worldwide retail banking unit since 1985. In 1984 he was put in charge of the U.S. consumer banking division.

John S. Reed, 51, has been Citicorp chairman since 1984, when he was promoted from vice chairman.

Citicorp also announced that Lawrence M. Small, who had been sector executive running the institutional bank, was named vice chairman and chairman of the executive committee.