Citigroup names Havens president, operating chief
Citigroup (C) named John Havens president and chief operating officer, promoting the longtime colleague of CEO Vikram Pandit. The banking giant said Havens was chief executive of its institutional clients group. He fills a vacant post and is now responsible for Citi's day-to-day operations. Havens and Pandit worked together for years at Morgan Stanley (MS) before starting a hedge fund in 2005, as Reuters reported Wednesday. Pandit said Havens has been "indispensable to the turnaround of Citi." Amid the financial crisis of a few years ago, the company received $45 billion in government funding to remain solvent. Citigroup has repaid the bailout, and in December, the Treasury Department said the government earned $12 billion from the deal. Citigroup also named James Forese chief executive of securities and banking, while Ned Kelly becomes chairman of institutional clients group. Forese had been co-head of global markets within the group, and Kelly is a vice chairman of the parent company. Earlier this week, Citigroup reported fourth-quarter income of $1.3 billion, or 4 cents a share, up from a loss of $7.6 billion a year ago. Revenue for the three months more than tripled to $18.3 billion from $5.4 billion. Mortgage originations rose steadily throughout 2010 to $21.8 billion for the year, up from $9.3 billion in 2009. Write to Jason Philyaw.