Citi Shakes Up Senior Management
Citigroup (C) shuffled its deck of senior managers Thursday to help further their strategic priorities, a spokesman for Citigroup said. The bank’s CEO, Vikram Pandit, elevated Edward Kelly from chief financial officer to vice chairman of Citi. John Gerspach will move from his position as controller and chief accounting officer to the CFO seat. Eugene McQuade’s long history of commercial banking earned him the new role as chief executive officer for Citibank. Citi plucked him from the vice chairman seat of Merrill Lynch (MTTX). McQuade also served as president and chief operating officer of Freddie Mac, and steered Bank of America (BAC) as president. “These moves are meant to highlight our corporate businesses like Citibank and to manage assets under Citi Holdings,” a spokesman for Citi said. Which is where Kelly comes in. Citi believes that his experience will help their brokerage and asset management, specifically the mounds of difficult debt accrued from the mortgage crisis - an amount that has the bank on the brink of the Federal Deposit Insurance Coporation’s list of troubled banks. Write to Jon Prior.