Citigroup Says Alternative Assets Chairman Chad Leat to Retire

Citigroup Inc., the third-biggest U.S. bank, said that fixed-income veteran Chad Leat will retire after 16 years at the lender.

Leat, 56, was chairman of Citigroup’s Alternative Assets Group, which advises private-equity firms on leveraged buyouts. He will help with an “orderly transition,” Raymond J. McGuire, head of the bank’s advisory business, said in a memo to employees. Danielle Romero-Apsilos, a spokeswoman for the New York-based lender, confirmed the memo’s contents.