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Citi Says So Long to Sallie

High-ranking executive Sallie Krawcheck, the bank's former CFO, exits.
Kate PlourdSeptember 22, 2008

Former prominent Citigroup CFO Sallie Krawcheck, the bank’s head of Global Wealth Management, is leaving the company in the latest of many departures of high-ranking Citi executives.

Krawcheck was CFO of Citigroup from 2004 to 2007. In 2007 she left her position to take over the bank’s Wealth Management arm. Krawcheck was unavailable for comment. According to a statement by Citigroup, she is leaving to pursue other opportunities.

Krawcheck headed one of Citigroup’s four major sectors, which includes the stock analysis and brokerage firm Smith Barney. When Krawcheck first came to Citigroup in 2002, she led Smith Barney. Before that she served as CEO of at Sanford Berstein.

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Her departure is the latest in a round of exits at Citigroup following the appointment of the bank’s CEO, Vikram Pandit, who took over nine months ago. He has restructured the company and reassigned members of its management team in an effort to revive the bank from problems that include heavy writedowns taken as a result of subprime-mortgage losses.

Citigroup announced Krawcheck’s departure along with two executive appointments. Mike Corbat was appointed to replace Krawcheck as chief executive officer of Global Wealth Management and Edward “Ned” Kelly was appointed head of global banking for the Institutional Clients Group. Corbat was most recently the head of the corporate and commercial bank in Citigroup’s investment-banking division.

Other executives leaving recently include Citigroup vice chairman Michael Klein, departing after 23 years with the company. Last week, former Lehman Brothers executive Mark Shafir was named head of mergers and acquisitions.

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