Citigroup Promotes John Havens to President and COO
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.