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. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Citigroup CEO: Weill he or won’t he?

So Sandy Weill has a successor at last. Or does he? The chairman and CEO of Citigroup has announced that Bob Willumstad is being promoted to president.

He takes over human resources and financial functions, as well as continuing to head the global consumer business.

The post of president has been vacant since Jamie Dimon was forced out three years ago, and the question of who will replace Weill has been left hanging since Weill outmanoeuvred former co-CEO John Reed two years ago. Weill stated that he would try to identify a successor within two years but has done nothing to back that up and has at times appeared to retract the pledge.

The promotion appears to place Willumstad first among equals among the business heads - head of investment banking Michael Carpenter, head of emerging markets Victor Menezes, head of asset management Thomas Jones - and above vice-chairman and former head of Salomon Brothers Deryck Maughan.

It's strikingly similar to the succession race at Merrill Lynch. There the president's role (combined with chief operating officer) had been vacant for two years and the four heads of business were competing for it until, ahead of schedule, CEO David Komansky said that private-client boss Stan O'Neal would get the job.

That prompted the departure of Jeff Peek, head of asset management, and Win Smith, head of international private clients.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

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