Citigroup Announces Appointment of John Havens as President and Chief Operating Officer

New York – Citigroup Chief Executive Officer Vikram Pandit today announced changes to Citi’s management structure. John Havens, currently CEO of Citi’s Institutional Clients Group (ICG), will become President and Chief Operating Officer of Citigroup. In this role, Mr. Havens will be responsible for Citi’s day-to-day operations and report to Mr. Pandit.

Within the ICG, James A. Forese, currently the Co-Head of Global Markets, will take on new responsibilities and become the CEO of Securities and Banking. Ned Kelly, currently a Citi Vice Chairman, will assume a new role as Chairman of the ICG. Francesco Vanni d’Archirafi will continue as CEO of Global Transaction Services. They will all report to Mr. Havens, as will the regional CEOs of Europe, the Middle East and Africa, the regional CEOs of Asia Pacific, and the heads of certain global functions.

Mr. Pandit said, “John Havens is one of this company’s strongest managers and best leaders. He’s been indispensable to the turnaround of Citi. This role will take advantage of the full range of his management talent and experience, and will allow all of us to sharply focus on executing our plans for the future. Our strategy is working, as our full-year earnings and four straight quarters of profitability demonstrate. This new management structure will serve the company well as we aim to enter into a new phase of responsible and sustained growth.”

Mr. Havens said, “While Citi has come a long way in a short time, there is much more to do. I am looking forward to a new role on this great team, working not only with the Institutional Clients Group but our entire franchise. Most importantly, I remain excited about helping Citi regain its position as the world’s most respected and successful financial institution.”

Citibank, N.A. CEO Gene McQuade, Chief Financial Officer John C. Gerspach, Chief Risk Officer Brian Leach, Citi Holdings CEO Michael L. Corbat, General Counsel Michael Helfer, and Manuel Medina-Mora, whose responsibilities include Citi’s global consumer strategy, will continue to report directly to Mr. Pandit.

Mr. Pandit announced the changes in the attached memo sent to Citigroup employees today.