Citigroup has named a 34-year veteran of the firm to replace Mike Corbat as its head of Europe, the Middle East and Africa, as part of the first major reshuffle to be undertaken by its new chief executive.

Jim Cowles, who first joined Citi predecessor Smith Barney in 1979, fills the post vacated by Corbat after he was elevated to replace Vikram Pandit as group chief executive in October.