Citigroup's Vice-chairman Michael Klein quits

NEW YORK: US banking giant Citigroup on Monday said its Vice-Chairman Michael Klein is quitting the organisation to "pursue other opportunities".

"I have had the privilege of serving for 23 years at a company on the cutting edge of financial services innovation. It has been particularly important for me to assist the company during this challenging year in the markets and in the management succession at the firm," Klein said in a statement issued by Citigroup.

Klein leaves the banking giant at a time when Citi's India-born CEO Vikram Pandit is steering a major restructuring drive after being battered by the US sub prime crisis. The Bank has been making efforts to cut costs, sell assets and has also overhauled the top management.

"During his 23-year career at Citi, Michael has made invaluable contributions to the company," Pandit said.

"Klein has been instrumental in the growth and success of Citi, and he has personally delivered the extraordinary power of Citi the combination of unbiased, quality advice, financial commitment, and global execution to public and private sector clients around the world," Pandit added.

On Friday, Citi posted losses to the tune of 2.5 billion dollar for the second quarter ended June 30, which was lesser than expected by the Wall Street.

Klein was also active in advising the company on its acquisitions, divestitures, and capital-raising.