Citigroup Promotes John Havens to President and COO

Before you go, we thought you'd like these...
Before you go close icon
Citigroup (C) on Wednesday announced the promotion of John Havens, the head of its Institutional Clients Group, to president and chief operating officer. The move is designed to make the financial behemoth nimbler by cutting the number of executives who report directly to Citigroup CEO Vikram Pandit.

Havens' appointment comes at a time when Citigroup is seeking to expand its operations, having weathered a recession and financial crisis that rocked its operations, as well as those of its competitors. Havens will oversee the bank's day-to-day operations, freeing Pandit to switch from positioning Citigroup for survival to focusing on growth in emerging markets.

Citigroup was one of many financial institutions that received a government bailout. It paid off the last of the $45 billion it borrowed from federal coffers in December. Overall, the U.S. taxpayer made a $12 billion profit from that investment.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners