The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

People: A new division of responsibilities at Citi

John Havens takes over day-to-day running of the firm; Vikram Pandit concentrates on strategy

The timing couldn’t have been much worse. The news that John Havens, former head of Citi’s investment bank, the institutional client group, will take over the much bigger job of president and chief operating officer across the whole firm, came a day after the release of disappointing results from the division he had been running.

Lower revenues in fixed income and equities in the fourth quarter of 2010 than in the third quarter, as well as a $1 billion accounting charge resulting from improvements in Citi’s own credit spreads, meant that profits fell by 83% in securities and investment banking, from $1.378 billion for the third quarter of 2010 to $236 million for the fourth.

So one or two eyebrows were raised at Havens’ promotion into a clear number two role behind Citi chief executive Vikram Pandit. Havens will continue to oversee his old division while also now having Citi’s regional co-CEOs for Asia Pacific and Europe, Middle East and Africa report to him, as well as certain global staff functions such as administration, human resources and public policy.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree