Citigroup reshuffle Krawcheck to CFO
Sallie Krawcheck, previously the head of Citigroup's private equity arm Smith Barney, has been made Citigroup's new CFO.
She replaces Todd Thomson, who will be moved in a straight swap to Smith Barney. Citigroup said the reshuffle was intended to give both a broader range of management experience. Thomson, who had been CFO for four years, had made it clear that he wanted to have a more operational role at the bank.
Krawcheck, 39, and Thomson, 43, are considered two of Citigroup's up-and-coming stars, and will be expected to address concerns from the bank's management over the recent performance of its stock price. Recent contributory problems have included the shutting down of Citigroup's private banking business in Japan by the Japanese regulator.
Krawcheck made a name for herself on Wall Street when she was brought in to Smith Barney by chairman Sandy Weill after a scandal over allegedly bias research. She conducted an overhaul of the private equity and equity research business to try and improve quality and objectivity.