Citigroup CFO to become Citi Holdings Chairman

NEW YORK: Citigroup is shuffling some of its executives, with Chief Financial Officer Gary Crittenden tapped for the newly created position of chairman of Citi Holdings.

Crittenden will be succeeded by Edward Kelly, former head of global banking for Citi Private Bank. Kelly was also president and chief executive of Citi Alternative Investments for Citi's institutional clients group.

Crittenden, who has been CFO since March 2007, will work with Citi Holdings interim Chief Executive Mike Corbat.

In January, New York-based Citigroup Inc, after suffering a loss of $8.29 billion, its fifth straight quarterly deficit, said it was reorganizing into Citicorp and Citi Holdings. Citicorp focuses on traditional banking around the world, while the Citi Holdings hold the company's riskier assets and tougher-to-manage ventures.