Citigroup CFO To Take Over Troubled Bank Unit
Citigroup chief financial officer Gary Crittenden has been assigned to take over Citi Holdings, one of the sickest units of Citigroup, in an effort to wind down the division and improve Citigroup's overall health.
Citi Holdings has some $850 billion in assets in the unit, including the Smith Barney brokerage, the Primerica insurance unit -- and $300 billion in troubled, or toxic, assets.
If these troubled assets can be cleaned out or ring-fenced off, then Citi's stock price -- which fell as low as $1 per share -- likely would rise.
Edward Kelly will be elevated to the CFO job.
March 20, 2009; 10:57 AM ET
Categories: The Ticker | Tags: Citigroup
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