Citigroup Management Change
Author: Kapplak McKayla
Citigroup, one of the largest banks and investment funds in the U.S., announced that it appointed John Havens as president and chief operating officer in order to expand the bank and start to move away from the financial crisis.
The restructuring is planned to reduce the number of executives who report directly to chief executive of Citi, Vikram Pandit, which is expected to provide faster solutions in decision-making. John Havens, who worked for 25 years at Salomon Brothers until 1998, when it was bought by Citigroup, will now be responsible for driving global markets.
While Citigroup said earnings last quarter, amounting to 1,300 million dollars, although very low results were expected on Wall Street (11% less than the 3rd quarter), is much better to the loss reported in the last quarter of 2009 of 7,600 million.
Citi is still a fragile company which can not be exposed to risks to risks, is at a serious disadvantage when compared to other investment funds as J. P. Morgan Chase & Co. and John Havens The challenge will be to reduce the expenses of the company, especially outside the United States.