Citigroup shakes up top management
Friday 10 July 2009
Citigroup shook up its management yesterday, replacing its finance chief and installing a new head of banking. It comes as the embattled bank prepares to hand the US government a 34 per cent stake in the company.
Edward Kelly, who was named chief financial officer in March, will become a vice-chairman focused on strategy and merger activity. His replacement, John Gerspach, had been Citigroup's controller and chief accounting officer and is the company's fifth chief financial officer in five years.
Eugene McQuade has been made chief executive of the key Citibank unit. He was recently a vice-chairman of Merrill Lynch.
Mr McQuade takes over from Bill Rhodes, a Citigroup senior vice-chairman, who will reduce his day-to-day responsibilities to focus on international operations.
Gary Crittenden, chairman of Citi Holdings, which includes businesses the company wants to sell or wind down, is leaving.
Citigroup has lost $36bn (£22bn) in six quarters. Vikram Pandit, the chief executive who is under pressure to improve the bank's performance, said the appointments would "help position the company for the future".
Look beyond the usual shows for the best festive telly
Geoffrey Macnab does not like the comedian's big screen debut
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
Ten best places to live in the UK: Hart in Hampshire takes top spot
Winter Solstice marks shortest day of the year
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Tim Sherwood challenges Daniel Levy to set out vision for Tottenham Hotspur’s future
- 2 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 #Teamnigella: It’s the only side to be on
- 5 Christmas comes early: Justin Bieber is 'retiring from music'
- < Previous
- Next >
iJobs Money & Business
£59999 - £80001 per annum + Benefits: Pro-Recruitment Group: A Top 10 firm in ...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...