Krawcheck's Reshuffle in Citigroup

Citigroup (C-NYSE) announced the departure of Todd Thomson as Head of Global Wealth Management division to pursue other opportunities and he will be replaced by CFO Sallie Krawcheck once a successor has been found for her in the CFO role.  Robert Druskin, Chief Operating Officer of Citigroup, will oversee Global Wealth Management on an interim basis.

What is happening here is that the media reports on the immediate impact are saying this is a moving her over call, but this seems like getting her into a more active and proactive role.  This is also not addressing what is possibly the inevitable and necessary departure of Chuck Prince as CEO.  He is one of the 10 CEO’s that probably need to leave per our list in December.

So this looks like the first phase of a corporate change there at the financial powerhouse, but there probably needs to be much more.  Citigroup shares are up 1% on the initial reaction at $55.05 in pre-market trading.

Jon C. Ogg
January 22, 2007