You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Reply #6: Job Opening for Self-Starter With High Risk-Taking Drive [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Editorials & Other Articles Donate to DU
Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-20-09 07:06 PM
Response to Original message
6. Job Opening for Self-Starter With High Risk-Taking Drive

Citigroup CFO to run troubled bank unit

By Jonathan Stempel

NEW YORK (Reuters) Citigroup Inc, in a significant management shake-up, named Gary Crittenden to run a unit housing underperforming and toxic assets the bank wants to get rid of, and tapped Edward Kelly to replace him as chief financial officer.

Crittenden on Friday was named chairman of Citi Holdings and will work with its interim chief executive, Michael Corbat, to sell or wind down $850 billion in assets. The unit is separate from Citicorp, whose $1.1 trillion of assets include businesses Citigroup wants to keep, such as retail and investment banking, transaction services, and Citi Private Bank.

The appointments are "the first good news we've had in a long time from Citigroup," said Michael Holland, a money manager at Holland & Co in New York. "Crittenden has earned the confidence of the financial community, and Kelly is considered a very solid, competent citizen. It is a welcome relief."

Crittenden joined Citigroup as CFO in March 2007 after holding the same position at American Express Co, Monsanto Co and Sears Roebuck & Co.

Kelly, known as Ned, was head of global banking, including Citi Private Bank, and joined in February 2008 from private equity firm Carlyle Group. Before that, he was chief executive of Mercantile Bankshares Corp, a Baltimore lender now owned by PNC Financial Services Group Inc.

Citigroup Chief Executive Vikram Pandit is trying to restore the third-largest U.S. bank to health after $37.5 billion in losses over the last five quarters.

The bank has taken $45 billion of taxpayer money to bolster capital, and the government is sharing in losses on $300.8 billion of troubled assets, which are housed in Citi Holdings. The government is expected to soon become Citigroup's largest investor with a possible 36 percent stake.

... said Anton Schutz, a portfolio manager at Mendon Capital Advisors in Rochester, New York. "Gary can look terrific if he makes assets disappear quickly at good prices, and Ned has an important role in repairing the balance sheet and working with the government, which has become increasingly dangerous for banks."


Pandit split Citigroup in two in January, formally marking the demise of the financial supermarket model that Sanford "Sandy" Weill used to create and build Citigroup in the late 1990s and early this decade.

"Citi Holdings is essentially a marketing operation to get rid of problem assets," said Bert Ely, an independent banking consultant in Alexandria, Virginia. "It falls on Crittenden to get top dollar for the assets they're getting rid of, and that's not easy in this market."

Among the Citi Holdings businesses are the Smith Barney brokerage, which is merging into a joint venture with Morgan Stanley's brokerage; the CitiFinancial and CitiMortgage finance operations; the Primerica insurance unit; and the Nikko Cordial unit in Japan.

While Citigroup treats Citicorp and Citi Holdings as separate operations, both are included in overall results. Pandit last week said Citigroup made money in January and February, surprising analysts.

Ely said Crittenden, who is in his mid-50s, could use Citi Holdings as a springboard. "It positions him for bigger things, whether at Citigroup or somewhere else," he said. "If he does it well, then the headhunters will be banging on his door."

In morning trading, Citigroup shares were up 12 cents at $2.72 on the New York Stock Exchange. They traded above $50 as recently as July 2007.

Printer Friendly | Permalink |  | Top
  -Weekend Economists Escapist Weekend March 20-22, 2009 Demeter  Mar-20-09 06:22 PM   #0 
  - NCUA Conserves U.S. Central and Western Corporate Credit Unions  Hugin   Mar-20-09 06:33 PM   #1 
  - Oh, yeah... and "true love is the best thing in the world, except for cough drops."  Hugin   Mar-20-09 06:43 PM   #2 
  - So, Instead of Bank Failures, We Get Credit Unions  Demeter   Mar-20-09 07:08 PM   #7 
  - Very Big Credit Unions  DemReadingDU   Mar-20-09 09:51 PM   #35 
     - Save the Credit Unions!  Demeter   Mar-21-09 05:51 PM   #73 
  - U.S. Regulator Probing "Rampant Ponzimonium"  Zenlitened   Mar-20-09 06:51 PM   #3 
  - I've come to the conclusion most of these aren't 'Ponzi Schemes'.  Hugin   Mar-20-09 07:10 PM   #8 
     - confidence games  Demeter   Mar-20-09 07:34 PM   #16 
        - "You be careful. People in masks cannot be trusted."  Hugin   Mar-20-09 07:43 PM   #17 
  - 3 more banks...... (via marmar in GD)  Hugin   Mar-20-09 06:51 PM   #4 
  - "You rush a miracle man, you get rotten miracles. "  Hugin   Mar-20-09 07:00 PM   #5 
  - No, You're Really Good At This  Demeter   Mar-20-09 07:15 PM   #9 
     - "We are men of action, lies do not become us."  Hugin   Mar-20-09 07:30 PM   #13 
  - It looks as though  burf   Mar-20-09 07:27 PM   #11 
     - Hey There, Burf, Glad You Could Make It!  Demeter   Mar-20-09 07:32 PM   #15 
        - Good Evening!  DemReadingDU   Mar-20-09 08:40 PM   #25 
           - I'm Making a Slow Recovery  Demeter   Mar-20-09 08:46 PM   #27 
              - Grandpa: "She doesn't get eaten by the eels at this time"  Demeter   Mar-20-09 08:54 PM   #30 
  - Job Opening for Self-Starter With High Risk-Taking Drive  Demeter   Mar-20-09 07:06 PM   #6 
  - The Grandson: "Has it got any sports in it? "  Demeter   Mar-20-09 08:52 PM   #29 
  - So bankers are "citizens" while the rest of us proles are just "consumers"  BR_Parkway   Mar-21-09 10:28 AM   #48 
  - Citigroup Dividend Payments Still Ongoing  Demeter   Mar-21-09 03:41 PM   #58 
  - Bernanke says Fed has exit strategy from credit policy (For Ben, Certainly)  Demeter   Mar-20-09 07:20 PM   #10 
  - Bernanke Fires Up the Printing Presses By Bill Bonner  Demeter   Mar-20-09 07:29 PM   #12 
     - "IT WOULD TAKE A MIRACLE" ---MIRACLE MAX  Demeter   Mar-20-09 07:31 PM   #14 
  - The Geithner-Summers-Bernanke Plan to Prop Up Asset Prices Has Failed  Demeter   Mar-20-09 08:03 PM   #18 
  - Westley (as he is fighting Fezzik) "Look, are you just fiddling around with me or what?"  Demeter   Mar-20-09 08:57 PM   #31 
  - The Geithner Betting Line  Demeter   Mar-21-09 04:27 PM   #65 
  - Here is Ed Harrison's Complete Article:  Demeter   Mar-21-09 04:49 PM   #68 
  - Saving Jackpot Capitalism: The Real Reason Why the Banks Are Being Bailed Out  Demeter   Mar-20-09 08:09 PM   #19 
  - Terrorism By Another Name: AIG Is Blackmailing America  Demeter   Mar-20-09 08:23 PM   #20 
  - VIZZINI:  mbperrin   Mar-21-09 11:03 AM   #49 
  - Good Find! I Had Forgotten That Subplot!  Demeter   Mar-21-09 11:50 AM   #54 
  - Cuomo Discovers All Kinds Of Outrageous AIG Bonus Facts  Demeter   Mar-21-09 03:43 PM   #59 
     - Is AIG Insolvent? posted by Angie Littwin  Demeter   Mar-21-09 03:45 PM   #60 
     - Paying Workers More to Fix Their Own Mess AIG  Demeter   Mar-21-09 04:25 PM   #64 
     - Yves from naked capitalism dishes out on AIG  Demeter   Mar-21-09 04:47 PM   #67 
     - Tax clawbacks: doing it right (to AIG)  Demeter   Mar-21-09 06:34 PM   #75 
  - Was the Bailout Itself a Scam? By Paul Craig Roberts  Demeter   Mar-20-09 08:28 PM   #21 
  - Count Rugen: [admiring his torture contraption] Beautiful isn't it?  Demeter   Mar-20-09 09:03 PM   #33 
     - That's Dick Cheney's favorite part of the movie.  tclambert   Mar-22-09 05:24 PM   #123 
  - The Nationalization Option By Harold Meyerson  Demeter   Mar-20-09 08:36 PM   #22 
  - Hedge Funds and the Global Economic Meltdown  DemReadingDU   Mar-20-09 08:37 PM   #23 
  - The Collapse Felt Around the World  Demeter   Mar-20-09 08:38 PM   #24 
  - Top Geithner Aide Fought CEO Pay Reform By David Corn and Jonathan Stein  Demeter   Mar-20-09 08:45 PM   #26 
  - Westley: That does put a damper on our relationship.  Demeter   Mar-20-09 09:00 PM   #32 
  - a damper indeed...  KoKo   Mar-21-09 11:57 AM   #55 
  - Inigo: I could give you my word as a Spaniard.  mbperrin   Mar-21-09 11:14 AM   #51 
  - Video Selection  Demeter   Mar-20-09 08:49 PM   #28 
  - The Grandfather: "Now I think you ought to go to sleep."  Demeter   Mar-20-09 09:13 PM   #34 
  - A View from Europe: Kiev  MattSh   Mar-21-09 02:23 AM   #36 
  - Thank you Matt. That's terrifying, Stay Safe!  Demeter   Mar-21-09 03:51 AM   #37 
  - Thanks for the personal view  DemReadingDU   Mar-21-09 07:26 AM   #38 
  - ECB under pressure after Fed move  Demeter   Mar-21-09 07:50 AM   #39 
  - BUTTERCUP: To think -- all that time it was your cup that was poisoned.  Demeter   Mar-21-09 07:54 AM   #40 
     - Trivia you can't use  Danascot   Mar-21-09 11:13 AM   #50 
  - BofA linked to Merrill writedowns  Demeter   Mar-21-09 08:15 AM   #41 
  - Ireland plans crackdown on crony capitalism  Demeter   Mar-21-09 08:18 AM   #42 
  - French unions vow to keep up pressure  Demeter   Mar-21-09 08:20 AM   #43 
  - HUMPERDINCK:  mbperrin   Mar-21-09 11:24 AM   #53 
  - Krugman: Despair over financial policy  Demeter   Mar-21-09 08:33 AM   #44 
  - MAN IN BLACK:  mbperrin   Mar-21-09 11:19 AM   #52 
  - Good Morning Everyone! Happy Spring!  Demeter   Mar-21-09 08:43 AM   #45 
  - A sign of the times...  Hugin   Mar-21-09 09:05 AM   #46 
  - "It's just they're terribly comfortable. I think everyone will be wearing them in the future."  Hugin   Mar-21-09 09:20 AM   #47 
  - Restoring Our Financial Sovereignty: A New Monetary System  Demeter   Mar-21-09 01:37 PM   #56 
  - Seriously. . . . . . .  Tansy_Gold   Mar-21-09 03:49 PM   #61 
  - It's that Totally Unsettled Feeling  Demeter   Mar-21-09 04:15 PM   #62 
     - HUMPERDINCK (roaring) For the last time -- SURRENDER!  Demeter   Mar-21-09 04:17 PM   #63 
     - ". . . right into Dead."  Tansy_Gold   Mar-21-09 04:37 PM   #66 
     - You Brightened My Day  Demeter   Mar-21-09 05:00 PM   #69 
        - firing up the VCR  Tansy_Gold   Mar-21-09 05:10 PM   #71 
     - We are all Cassandra.  Pale Blue Dot   Mar-22-09 06:11 AM   #81 
        - It gets dangerous out there.  Dr.Phool   Mar-22-09 07:22 AM   #83 
        - There are Even White Knights for AIG!  Demeter   Mar-22-09 07:29 AM   #85 
        - "Fact-Free, Ad Hominem" Sums It Up  Demeter   Mar-22-09 07:28 AM   #84 
           - They don't want to come in here - or SMW.  Dr.Phool   Mar-22-09 07:45 AM   #89 
  - found info in the article's footnotes interesting  cosmicdot   Mar-21-09 05:50 PM   #72 
     - Ehrm... Well... Ah... Looks like not only is Timmeh President Obama's first choice.  Hugin   Mar-21-09 09:28 PM   #76 
        - It Was Nice to Have a Dream, At Least  Demeter   Mar-22-09 02:47 AM   #79 
        - And the War Crimes--Mustn't Forget That  Demeter   Mar-22-09 07:31 AM   #87 
        - That's my only consolation.  Dr.Phool   Mar-22-09 07:49 AM   #90 
           - Would It Be Worse?  Demeter   Mar-22-09 08:58 AM   #98 
  - JPMorgan sent letter to employees saying they are working with Feds about the bonus bill  Robbien   Mar-21-09 02:45 PM   #57 
  - Maybe We Need an AIG Dedicated Thread  Demeter   Mar-21-09 05:02 PM   #70 
  - Meet the World's Only Stand-Up Economist!  Demeter   Mar-21-09 06:09 PM   #74 
  - Kick! for in the morning.  Dr.Phool   Mar-22-09 12:13 AM   #77 
  - Well, motherfucker. He didn't get it.  Dr.Phool   Mar-22-09 12:24 AM   #78 
     - So sorry to hear  Demeter   Mar-22-09 02:49 AM   #80 
     - It would have been a good job. Here's the verdict.  Dr.Phool   Mar-22-09 07:15 AM   #82 
     - Sorry to hear that Dr.Phool.  Hugin   Mar-22-09 08:49 AM   #96 
        - "Am I going mad, or did the word "think" escape your lips? You were not hired for your brains..."  Hugin   Mar-22-09 09:17 AM   #100 
  - Frank Rich: Has Katrina Moment Arrived?  Dr.Phool   Mar-22-09 07:29 AM   #86 
  - Grandfather reads: "Westley didn't reach his destination.'  Demeter   Mar-22-09 07:37 AM   #88 
     - Rich is being criticized over in GD  Tansy_Gold   Mar-22-09 10:17 AM   #101 
        - Edited to add (talking to myself) the Katrina reference isn't Rich's  Tansy_Gold   Mar-22-09 10:26 AM   #102 
        - I don't think its to compare it to Katrina, but the "Katrina Moment".  Dr.Phool   Mar-22-09 11:35 AM   #104 
        - A bit like the 9/11 coverup itself, then.  Ghost Dog   Mar-22-09 12:03 PM   #106 
        - here's the LTTE  cosmicdot   Mar-22-09 12:28 PM   #107 
        - Inconceivable?  Demeter   Mar-22-09 01:52 PM   #109 
           - Much the more interesting character, that Inigo  Tansy_Gold   Mar-22-09 02:56 PM   #115 
              - Roubini, He'd Make a Good Dark Villain-Hero  Demeter   Mar-22-09 03:16 PM   #119 
  - Debt Relief and Regulation By Mike Whitney  Demeter   Mar-22-09 07:49 AM   #91 
  - Doctor Doom: US Recession Could Last Up to 36 Months: Roubini  Demeter   Mar-22-09 07:52 AM   #92 
  - You know what? Even Roubini doesn't describe the mechanism that creates the "bottom".  Pale Blue Dot   Mar-22-09 07:58 AM   #95 
  - The Spiral Stops When the Gambling Stops and The Pot Is Divided  Demeter   Mar-22-09 09:04 AM   #99 
  - Let me say first off  burf   Mar-22-09 07:53 PM   #129 
     - You're Welcome, Burf  Demeter   Mar-22-09 08:57 PM   #130 
  - Is the Future Going Down the Drain? Baby Boomers Going Bust By Alexander Zaitchik, AlterNet  Demeter   Mar-22-09 07:54 AM   #93 
  - BUTTERCUP, and she's a gutsy girl.  Demeter   Mar-22-09 07:58 AM   #94 
  - Reorganising the banks: Focus on the liabilities, not the assets  Demeter   Mar-22-09 08:55 AM   #97 
  - The Real Screw Job - AIG Used as Funnel of U.S. Taxpayer Money  DemReadingDU   Mar-22-09 11:35 AM   #103 
  - Hmmm. Nice clean-cut head on that long screw.  Ghost Dog   Mar-22-09 11:47 AM   #105 
     - If you Can't find the Movie, Read the Book!  Demeter   Mar-22-09 01:53 PM   #110 
     - Some scenes from the Bride  Demeter   Mar-22-09 02:04 PM   #112 
     - It's a great and hilarious movie, Ghost Dog. I highly recommend it.  tclambert   Mar-22-09 05:47 PM   #124 
        - Oops! I Forgot the O  Demeter   Mar-22-09 06:48 PM   #127 
  - Bennet Sedacca, money manager who blew credit alarm, dies  KoKo   Mar-22-09 01:29 PM   #108 
  - 49 Years Old and 28 Years Experience?  Demeter   Mar-22-09 01:56 PM   #111 
     - In The Hunt for Red October (another movie reference) Sean Connery killed the political officer  tclambert   Mar-22-09 05:55 PM   #125 
  - Rogoff: The Worst Is Over? Are You Kidding?  Demeter   Mar-22-09 02:39 PM   #113 
  - And unemployment. Don't forget 600,000 job losses per month.  tclambert   Mar-22-09 06:00 PM   #126 
  - Is Congress Finally Ready To Seriously Tax the Rich?  Demeter   Mar-22-09 02:43 PM   #114 
  - Guest Post: Mother of All Stealth Scams? WONKY ALERT  Demeter   Mar-22-09 03:06 PM   #116 
  - Keith Olberman on Bank Bailouts  Demeter   Mar-22-09 03:12 PM   #117 
  - Power Point Lecture on Money in History (practically painless)  Demeter   Mar-22-09 03:13 PM   #118 
  - Well, I'm Out of Emails  Demeter   Mar-22-09 03:18 PM   #120 
  - Did you check out this week's Economist?  Ghost Dog   Mar-22-09 03:42 PM   #122 
  - Financial services executives reap big retirement benefits  antigop   Mar-22-09 03:36 PM   #121 
  - Well, It's Been Nice Remembering Princess Bride With You All  Demeter   Mar-22-09 06:53 PM   #128 

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC