The announcement “reads more like semi-retirement for Mr. Crittenden as opposed to a forced exit,” Jeffrey Harte, an analyst at Sandler O’Neill & Partners, said in an article in Bloomberg on Friday. “We are not getting the sense that Crittenden’s apparent semi-retirement foreshadows that the disclosure of a new financial problem is imminent.”
Citigroup has been challenged over the last year by a plunging stock price, and the bank has already received considerable aid from the government. Last month, Citigroup agreed to the government’s acquisition of a 36 percent stake in the company as it struggles with losses from risky investments in the housing market.
Crittenden’s new role will put him in charge of the bank’s riskier assets and challenging ventures, to help the struggling bank contain its losses, according to an Associated Press article.
Kelly has extensive experience in the finance industry. He came to Citigroup in 2008 from the Carlyle Group, a global private equity investment firm based in Washington, D.C. Prior to joining Carlyle in 2007, Kelly held senior positions at PNC Financial Services Group, the law firm Davis Polk & Wardwell and the firm that is now JPMorgan Chase & Co.
After graduating from Princeton as an English concentrator, Kelly went on to get his J.D. from the University of Virginia School of Law.
On Friday, Citigroup stock rose 2 cents to $2.62 in New York Stock Exchange composite trading.
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