Citigroup reshuffle aimed at smoothing asset sales

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WALL Street giant Citigroup yesterday unveiled a boardroom shuffle as it continues efforts to sell off non-core parts of the business.

Chief financial officer (CFO) Edward “Ned” Kelly will become vice chairman with responsibility for strategy, as well as mergers and acquisitions, which will in practice mean disposing of assets from Citi’s “bad bank”, Citi Holdings.

Chief accounting officer John Gerspach will replace him as CFO, the bank’s fifth CFO in four and a half years. Eugene McQuade, a former vice chairman of Merrill Lynch, will take on responsibility for its core banking operations, Citicorp.

Chairman Vikram Pandit said: “Our relentless focus on executing against our strategic priorities at Citi continues as we remain focused on rationalising Citi Holdings, and on Citicorp as our core operating business.”