Citigroup Shakes up Executives

Troubled financial institution Citigroup has decided to move around several of its executives in what appears to be an attempt to quell the concerns that federal regulators have had about the company. Former president and chief operating officer of FleetBoston Eugene Mcquade has been tapped to become chief executive of Citibank, while CFO Ned Kelly will be replaced by chief accounting officer John Gerspach.
Federal regulators from the Federal Deposit Insurance Corporation have long criticized Citigroup’s management for its apparent lack of experience in retail and commercial banking. Mcquade has the plenty of the kind of experience that the FDIC has …read more