NEW YORK, June 20 Citigroup Inc said on
Friday that Ned Kelly, a former chief financial officer who went
on to advise as chairman of the company's investment bank, is
Kelly, 61, will be replaced by Stephen Volk, who joined the
bank in 2004 and will continue to be a vice chairman of
Citigroup, a spokeswoman said.
A small group of senior client advisors, including Peter
Orszag and Leon Kalvaria, who have been reporting to Kelly will
report to Volk, she said.
Also this month, Jeffrey Small, general counsel of the
investment bank, will retire and be replaced Adam Meshel who is
already at the company.
The changes come as CEO Mike Corbat pushes to reduce costs
and streamline management.
Kelly had been chief financial officer under former CEO
Vikram Pandit, who the board of directors ousted in October 2012
and replaced with Corbat.
Kelly and Pandit clashed during the financial crisis with
one of Citigroup's regulators, Sheila Bair, then chairman of the
Federal Deposit Insurance Corp.
Kelly lost the CFO post after being quoted in The Wall
Street Journal as calling the FDIC Citigroup's "tertiary
regulator" behind the U.S. Federal Reserve and Comptroller of
(Reporting by David Henry in New York; Editing by Grant McCool)