Citigroup (C) appointed top Freddie Mac executive Anthony Renzi as chief operating officer of its North American mortgage business, according to Reuters.

Renzi, who headed Freddie’s single-family home business, will leave the company on May 11. Before joining Freddie, he worked at GMAC Mortgage for 25 years.

Citigroup is the third largest U.S. bank and is in a rebuilding period as it suffers from declining home prices.

The bank reported first-quarter earnings of $2.93 billion, or 95 cents a share, down 2% from a year earlier when it earned $2.99 billion, or 99 cents a share.

Analysts expected the New York-based bank to earn $1.01 a share, according to Zack’s Investment Research.

— Justin T. Hilley