Citigroup Inc., which has bank branches in Connecticut, said today that it tapped Chief Financial Officer Gary Crittenden to become chairman of the unit in charge of its riskier assets and tougher-to-manage ventures.
It is the latest move in a massive management reshuffling at the struggling bank.
Citigroup, which has dealt with a plunging stock price, has been aided by three government rescue attempts. Last month, the bank agreed to the government acquiring up to a 36 percent stake as it contends with mounting losses tied to risky investments in the housing market.
The New York-based company has seen several executives depart and get replaced over the past year and a half — including its chief executive — but it is now starting to give new jobs to company veterans as it splits into two divisions.
The bank also said earlier this week that it was taking steps to overhaul its embattled board by nominating four new independent directors. The board has been widely criticized for allowing bank executives to make risky investments in the housing market and not having enough financial services experience. The new directors include two former bank CEOS and two other financial experts.
The four nominated directors will be up for election at the annual shareholders meeting in April. The board would have 14 members with four new directors, and the bank says it is considering future additions. (AP)
