Citigroup is replacing Sallie Krawcheck, the departing head of Citi-Smith Barney’s wealth-management unit and its 14,983 advisors, with Mike Corbat. Krawcheck, who joined Citi in 2002, has been asked to stay on through year-end and then plans to “pursue other opportunities,” Citi says in a press release.
Corbat, who’s been with Citi for 25 years, and the newly appointed head of global banking for the institutional clients group, Edward Kelly, will report to John Havens, head of the institutional clients group and a former colleague of Pandit’s at Morgan Stanley.
“The appointments of Mr. Corbat and Mr. Kelly will align their talents with the company’s strategic goal of deepening its institutional and individual client relationships around the world,” a Citi press release says. “The moves also will increase coordination between GWM and ICG, underscoring the company’s priority to deliver the full benefits of the entire Citi franchise to its clients, extending beyond historic business lines.”
Since Vikram Pandit became CEO in December 2007 after former CEO Charles Prince was forced out in November 2007, the company has been restructured, and several top executives have left.