Citigroup replaces CFO and other top management

July 9, 2009 by · Leave a Comment
Filed under: Industry News 

That is a good sign, we need to see these bad actors out of the system as we try to restore confidence.  I believe there are criminal charges to come as well.  There is a very slim chance that will all this bad accounting and off-book transactions, no laws were broken in the process.  I want to see more criminal inquiries and investigations to get to the bottom of this crisis and to set the proper precedence going forward for our next generation of bankers.

News (Reuters):

Citigroup Inc on Thursday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.

The revolving door that Citigroup’s upper management has become spun again amid intense pressure on Chief Executive Vikram Pandit to improve performance, add consumer banking experience in the senior ranks, and shed toxic or unwanted assets at the third-largest U.S. bank by assets.

“It has been a long time coming,” said Christopher Whalen, a managing director at Institutional Risk Analytics in Torrance, California, referring to the management shuffle. “The government controls the bank.”

Edward “Ned” Kelly, who became CFO in March and is a former CEO of Maryland’s Mercantile Bankshares Corp, was promoted to vice chairman focused on strategy and merger activity.

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