Citigroup Inc. is promoting John Havens to president and chief operating officer, the latest step in the bank’s efforts to overhaul its structure.
Citi, which exited government ownership last month, has also sold off businesses to help reel in clients and boost morale.
Havens currently serves as CEO of the bank’s institutional clients group. As president and COO he will be responsible for Citigroup’s daily operations. Havens will report to CEO Vikram Pandit.
Aside from Havens’ appointment, Citigroup announced several other management changes. James A. Forese, co-head of global markets, will now become CEO of securities and banking. Citi Vice-Chairman Ned Kelly will take on the new role of institutional clients group chairman. Both will report to Havens.
The management shake-up comes a day after Citigroup reported fourth-quarter net income of $1.3 billion.