New York Citi today announced the appointments of Mike Corbat as Chief Executive Officer of its Global Wealth Management unit (GWM) and Edward "Ned" Kelly as Head of Global Banking for the Institutional Clients Group (ICG). Sallie Krawcheck has decided to leave Citi to pursue other opportunities and will remain as Chairman of GWM through the end of the year to ensure an orderly transition. Mr. Corbat and Mr. Kelly will report to John Havens, Chief Executive Officer of ICG.
The appointments of Mr. Corbat and Mr. Kelly will align their talents with the company's strategic goal of deepening its institutional and individual client relationships around the world. The moves also will increase coordination between GWM and ICG, underscoring the company's priority to deliver the full benefits of the entire Citi franchise to its clients, extending beyond historic business lines.
Global Wealth Management
Mr. Corbat is a 25-year veteran of Citi's institutional business. He has held a variety of senior domestic and international roles at Citi, covering a broad range of products and business lines. Most recently he was Global Head of the Corporate and Commercial Bank. In his new role, Mr. Corbat will lead Citi's strategy for ultra-high-net-worth, high-net-worth, and emerging affluent clients.
"Mike is among Citi's strongest senior managers, leading the firm's efforts to provide best-in-class financial services to top-tier multi-national corporations and financial institutions," said Vikram Pandit, Chief Executive Officer of Citi. "I am confident that we will enhance Citi's already industry-leading position in this very attractive business."
Mr. Pandit said: "Sallie Krawcheck has been an invaluable asset to the firm and a true thought leader within the industry. She has an impeccable reputation and has represented Citi well with our top clients and key constituencies around the world. We thank Sallie for her years of dedication and contribution and are pleased that she will help ensure a smooth transition over the next three months."
As head of Global Banking, which includes Investment Banking and the Corporate and Commercial Bank, Mr. Kelly will lead the firm's efforts to comprehensively serve the financial needs of corporations, financial institutions and governments around the world. Mr. Kelly will continue to oversee Citi Alternative Investments (CAI).
Mr. Pandit continued: "Ned arrived at Citi as a very seasoned senior banking executive and has exhibited exceptional management skills and an unmatched aptitude for understanding complex finance at CAI. In his new role, Ned will lead our efforts to develop and implement an overall strategic and coordinating framework that better facilitates the intense focus and support we deliver to our corporate, financial institution and government clients around the world. These changes will ideally position us to deliver the best of Citi to all of our clients."
"These extremely dedicated, experienced and talented executives will make Citi a more collaborative enterprise, further enhancing the company's ability to achieve our growth objectives and excel at meeting the needs of individual and commercial clients the world over," Mr. Pandit concluded.
Mr. Kelly will continue to serve on the company's Executive Committee, and Mr. Corbat and Mr. Kelly will continue to serve as members of Citi's Senior Leadership Committee.
About Mr. Corbat
Michael L. Corbat was previously a Managing Director and Global Head of Citi's Corporate and Commercial Bank, leading the firm's efforts to provide best-in-class financial banking services to top-tier multi-national corporations and financial institutions around the world. He is also a member of Citi's Senior Leadership Committee and chairs Citi's Senior Recruiting Committee, which guides the overall direction of the company's recruiting efforts. Previously, Mr. Corbat was Head of Global Emerging Markets in Markets and Banking, responsible for the origination, trading, and sales of emerging markets fixed income debt. He joined Citi in 1983 in the Fixed Income Sales Department of Salomon Brothers. He currently serves on the Board of Trustees of the Salisbury School and is a member of the Board of Directors of the British American Business, Inc. and the Swedish American Chamber of Commerce. Mr. Corbat earned a B.A. in Economics from Harvard University in 1983.
About Mr. Kelly
Edward "Ned" Kelly had served as President and Chief Executive Officer of Citi Alternative Investments. He is a member of Citi's Senior Leadership and Executive Committees. Prior to joining CAI in February 2008, Mr. Kelly was a Managing Director at The Carlyle Group, a private investment firm. Prior to joining Carlyle in July 2007, he was a Vice Chairman at The PNC Financial Services Group following PNC's acquisition of Mercantile Bankshares Corporation in March 2007. He was Chairman, Chief Executive and President of Mercantile from March 2003 through March 2007 and Chief Executive and President from March 2001 to March 2003. Before Mercantile, Mr. Kelly held senior investment banking positions at J.P. Morgan and was a partner at the law firm of Davis Polk & Wardwell. He currently serves on the Boards of Directors of The Hartford Financial Services Group and CSX Corporation. He also serves on the Boards of Trustees of Johns Hopkins Medicine and the University of Virginia Law School Foundation. Mr. Kelly received his bachelor's degree from Princeton University and his J.D. from the University of Virginia School of Law.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.