A day after announcing disappointing yet profitable earnings results, Citigroup said that John Havens, currently CEO of the Institutional Clients Group—Citi's investment bank—will become the bank's president and chief operating officer.
In his new role, Havens (pictured at left) will be responsible for Citi's day-to-day operations and report to Chief Executive Officer Vikram Pandit, who announced the changes to Citi's management structure.
This will be the first time since 2007 that Citigroup has a COO, when Robert Druskin left the bank. Also for the first time since 2007, Citi on Tuesday reported annual profits in its end-of-year earnings statement, released along with the bank's fourth-quarter 2010 earnings. Annual earnings were posted at $10.6 billion, or $0.35 per share, while quarterly earnings came in at $1.3 billion.
The bank cited lower losses on troubled loans and poor investment banking results, reporting earnings per share of $0.04—which disappointed analysts' expectations for EPS of $0.08. Citigroup reported a $0.33 loss in Q4 2009 but saw profits in every quarter of 2010.
