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.
Citi Shakes Up Senior Management
Most Popular Articles
Latest Articles
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
“It wasn’t pretty, I’m not gonna lie to you, but we got through it, and we ended up being profitable in 2022 and 2023.”
-
HUD walks back some proposed changes to HECM for Purchase program
-
Key housing markets are starting to buck national trends: Redfin
-
Median payment on purchase mortgage applications rises to $2,201: MBA
-
HUD, USDA reach accord on energy-efficiency standard for new construction
-
U.S. mortgage delinquency rates remain near historic lows: CoreLogic