Citigroup trio under threat
THE future of three of US bank Citigroup’s biggest names has been thrown into doubt following an external review of the company.
A report by consultancy firm Egon Zehnder, commissioned by regulators earlier in the year, found that Citi’s management team, led by chief executive Vikram Pandit, was generally up to scratch.
But the report did express concern about the capability of Terri Dial, head of Citi’s consumer bank, Lew Kaden, who heads the legal and human resources departments and Don Callahan, the bank’s chief administrative officer.
The board of the bank, which is 34 per cent owned by the US government, will now decide if it should act.
Of the trio, Dial is the most high profile and has presided over an arm of the company that has been loss-making for most of the last year.
Dial is said to be close to coming up with a plan for Citi’s consumer operations, but the Egon Zehnder report is understood to have criticised her lack of a strategic vision for the division.
Kaden was said to have too many responsibilities, including acquisitions, human resources, audit, legal, compliance and many more.
Callahan, who runs the bank’s technology and operations, is believed to have taken flak for failing to improve that side of the business.
However, the report was generally complimentary about the bank’s executives.