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Aandeel Citigroup NYS:C.N, US1729674242

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voda 19 januari 2011 21:02

Citigroup Names John Havens Chief Operating Officer

John Havens, seen here as head of Citigroup Inc.'s Institutional Clients Group and Global Wealth Management has been named president and chief operating officer. Source: Citigroup Inc. via Bloomberg
Citigroup Inc. named John Havens, head of its institutional clients group, to the position of president and chief operating officer of the company a day after it reported profit that missed analysts’ estimates.

Havens, 54, who will report to Citigroup Chief Executive Officer Vikram Pandit, joined the company in 2007 after it bought Old Lane Partners LP, the hedge fund Havens founded with Pandit. The two previously worked together at Morgan Stanley. Citigroup hasn’t had a chief operating officer since Robert Druskin left in December 2007 following the ouster of Charles O. “Chuck” Prince as CEO.

The institutional clients group includes Citigroup’s trading and investment banking units and the global transactions services business. It reported net income of $10.1 billion in 2010, down 21 percent from 2009.

John Havens is one of this company’s strongest managers and best leaders,” Pandit said in a memo to staff released today. “This role will take advantage of the full range of his management talent and experience, and will allow all of us to sharply focus on executing our plans for the future.”

James Forese, the group’s co-head of global markets, has been appointed chief executive officer of securities and banking, the New York-based lender said in a statement today announcing management changes.

Citigroup, the third-largest U.S. bank, reported yesterday a fourth-quarter profit of $1.31 billion as revenue from stock and bond trading declined.

Regional Executives

The New York-based bank’s regional chiefs for Asia-Pacific and Europe, the Middle East and Africa will now report to Havens instead of Pandit. Manuel Medina-Mora, head of consumer banking for the Americas, will continue to report to Pandit.

Ray McGuire, head of investment banking, will report to Forese, as will Francisco “Paco” Ybarra, the London-based co- head of global markets. Both previously reported to Havens.

Edward “Ned” Kelly, Citigroup’s chairman of global banking, will become chairman of the institutional clients group and a new business development committee focusing on the bank’s “biggest customers,” Pandit said. Kelly, 57, joined the bank in 2008 after roles at JPMorgan Chase & Co., the Carlyle Group and PNC Financial Services Group Inc.

Hamid Biglari, a vice chairman in the bank’s Citicorp unit, will direct the company’s efforts to “extend our lead” in emerging markets, in addition to overseeing economics and market research, Pandit wrote in the memo.

‘Financial Inclusion’

Lew Kaden, Citigroup’s vice chairman, will “head a new effort to integrate all of our work on financial inclusion to reach the world’s 2 billion unbanked people,” Pandit said in the statement. Kaden will also be chairman of the institutional clients group’s public sector business, which provides financial services to governments.

Jane Fraser, a former McKinsey & Co. consultant and Citigroup strategy chief who was promoted by Pandit in April 2009 to run the company’s private bank for wealthy clients, will coordinate Citigroup’s advisory boards, according to the memo. Previously reporting to Havens, she now will report to Forese.

Edward Skyler, a former New York City deputy mayor who joined the company last year as head of public affairs reporting directly to Pandit, will assume oversight of government affairs, according to the memo.

Citigroup’s head of human resources, Paul McKinnon, will “spend more time on talent and development,” Pandit said.

The Wall Street Journal reported the promotions of Havens and Forese earlier today.

To contact the reporters on this story: Donal Griffin in New York at dgriffin10@bloomberg.net; Bradley Keoun in New York at bkeoun@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

www.bloomberg.com/news/2011-01-19/cit...

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