Denisov, a director and a veteran of Citigroup for 13 years, joins emerging markets PR agency EM as a director in Moscow. It is believed Mtibelishvily will assume Ankundinov's duties. Larisa Gorbacheva, head of direct custody and clearing, may replace Fedotov, who had run the $20bn assets under management business for over 11 months, a source at the bank told bne IntelliNews. Citigroup, which returned to Russia in 1992 after a 72-year hiatus, is one of a few foreign banks that prospered in consumer banking after the collapse of the Soviet Union. It ranks among the top five foreign retail banks, claiming to have more than 1mn clients and 4,000 employees in 12 cities. The bank is now believed to be scaling back its exposure to Russia as a plunge in commodities and US and EU sanctions over Russia's involvement in the Ukrainian conflict have pushed the economy into recession.