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U.S. markets recover from steep losses
NEW YORK, Jan. 19 (UPI) -- U.S. banking giant Citigroup named John Havens as its president and chief operating officer Wednesday to serve under Chief Executive Officer Vikram Pandit.
Havens had been serving as CEO at the bank's Institutional Clients Group. In that division, James Forese, currently the co-head of Global Markets, will become CEO of Securities and Banking, Citigroup said. Ned Kelly, currently Citi vice chairman, will become chairman of the Institutional Clients Group.
They will all report to Havens, the head of day-to-day operations, as will regional CEOs in Europe, the Middle East, Africa and the Asia Pacific, the bank said.
Citigroup said Wednesday it earned a net income of $1.3 billion in the fourth quarter, only 4 cents per diluted share, but a sharp rebound from a $7.6 billion loss posted in the fourth quarter a year ago.
For 2010, the bank earned a net income of $10.6 billion, 35 cents per share, compared with a loss of $1.6 billion in 2009.
Revenue for the fourth quarter was $18.4 billion, Citigroup said.
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