Citigroup Inc. named John Havens , head of its institutional clients group, to the position of president and chief operating officer of the company a day after it reported profit that missed analysts’ estimates.
Citigroup Inc. , the third-largest U.S. bank, reported a 32 percent drop in first-quarter earnings, a smaller decline than analysts estimated, as the bank reduced reserves for future losses and consumer-banking profit rose.
Citigroup Inc. rose in New York trading, the only U.S. lender among the top 10 by assets to advance, after reporting profit that beat analysts’ estimates and cutting provisions for future loan losses by $3.3 billion.
Citigroup Inc. Chief Executive Officer Vikram Pandit ’s appointment of John Havens to chief operating officer gives a longtime deputy control of most of the bank without establishing an heir to lead the company.
Citigroup Inc. may move a team of proprietary traders into its hedge-fund unit, one of at least three alternatives the U.S. bank is studying to comply with the Dodd-Frank Act, people briefed on the matter said.
Citigroup Inc. will name John Havens president and chief operating officer as part of a structural overhaul in the bank’s top executive ranks, the Wall Street Journal reported, citing people familiar with the matter.