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New York: Citigroup replaced Ali Hackett and Tom Tesauro, co-heads of global equity finance and prime brokerage, extending a management reshuffle following Vikram Pandit's appointment as chief executive officer.
Hackett, 51, and Tesauro, 46, will leave Citigroup and be replaced by Nick Roe, 42, who runs the European part of the prime brokerage unit, according to an internal memo sent by Steve Bowman, the bank's head of hedge fund services. Stephen Cohen, a spokesman, confirmed the memo's contents.
Pandit promoted John Havens, 51, to oversee the bank's securities unit and named new heads of risk management and administration since taking over from Charles O. 'Chuck' Prince in December.
The bank also hired Terri Dial from Lloyds TSB Group to run its US consumer unit, the Wall Street Journal reported yesterday, citing people it didn't identify. Citigroup is reeling from $20 billion of writedowns that helped wipe out more than half of its market value in five months.
"For Pandit it's the case of a new broom sweeps clean,"said Rupert Della-Porta, the CEO at Atlantic Equities in London. "You should expect a rotation of people, and prime brokerage is an area that people are focusing on, including Citigroup.''
Roe, who will remain in London, joined Citigroup from Deutsche Bank in 2005. He ran global prime services at Deutsche. The management changes were reported late on Thursday by the New York Times.
Pandit's plan
Dial, 58, runs London-based Lloyds TSB's consumer banking business in the UK Lloyds TSB declined to confirm Dial's departure, said spokesman Mark Lidiard. Citigroup spokesman Adrian Russell declined to comment.
Pandit, 51, plans to tell shareholders in the next two months how he intends to rebuild Citigroup after the company lost about $150 billion of market capitalisation since the start of 2007. The bank is cutting about 10 per cent of the securities unit after the collapse of the subprime mortgage market triggered the biggest loss in its 196-year history.
Pandit, a former Morgan Stanley investment banker who joined Citigroup last July as head of hedge funds and private equity, said in December that he's conducting a "front-to-back"review, scheduled to be completed in May. The review will help determine which assets should be sold.
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