Citigroup names new president and COO

19 January 2011

US financial giant Citigroup has named its investment banking boss John Havens as its new president and chief operating officer (COO) as part of a management reshuffle following below-par results.

In his new role, the 54-year-old will oversee the day-to-day running of the bank and report to chief executive Vikram Pandit. Current co-head of global markets James Forese will assume the mantle of securities and banking chief executive.

"John Havens is one of this company's strongest managers and best leaders. He's been indispensable to the turnaround of Citi," Mr Pandit said in a statement. "This role will take advantage of the full range of his management talent."

Mr Havens added that he was relishing the opportunity presented to him and expressed an intention to help Citi become the most successful and respected name in the global financial sector.

Although figures published by the firm earlier this week revealed it had returned to profit in the fourth quarter of 2010, analysts had expected a stronger showing and Citi's share price dipped by four per cent in the wake of the announcement.

By Tony Aynsley

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