It finally dawned on Chat Leat: Why put up with the stink at Citigroup when you've got such a fabulous social life?
Mr. Leat is just as likely to be featured in the society pages as in the business press for homes he owns in Manhattan and Bridgehampton, N.Y.
Last year, he hosted a fundraiser for Vice President Joseph Biden at his Hamptons home. Tickets to the event reportedly sold for $10,000 apiece. Mr. Leat is also an accomplished equestrian and a friend of "Sex and the City" actress Kim Cattrall.
The outgoing vice-chairman and his "golden Rolodex" aren't alone on the way out of Mike Corbat's funhouse.
Rick Bartlett, who previously held the position and who has been on a medical leave since the start of 2013, isn't expected to resume his old job, Citi officials wrote in the memo.
Separately Shakil Ahmed, a quantitative-trading expert who previously oversaw some electronic stock- and options- trading operations for Citi and also helped manage a fund for the bank, plans to leave Citi at the end of the month to " pursue fund-management opportunities," according to the memo. Twelve members of his team are expected to join him in the venture, seen focused on mathematics-driven investing.