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23 Mar 2009
US bank Citigroup has recruited Edward Kelly, a former lawyer, as its chief financial officer, succeeding current CFO Gary Crittenden.
The news has sparked criticism due to Kelly's lack of a background in finance with detractors arguing the move is a mistake by its chief executive, Reuters reports.
Banking analyst Richard Bove has labelled the appointment a 'big error' and a 'terrible mistake'.
He added that Kelly 'has a superb reputation but there is nothing in his background that suggests that he is qualified for his job.'
Kelly, who joined the company in February 2008, was promoted from head of global banking at Citigroup and prior to that was managing director at private investment firm The Carlyle Group.
Crittenden moves up to the position of chairman of Citi Holdings, a new unit holding risky assets.
Prior to joining Citi in 2007 Crittenden was CFO of American Express.
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please do your homework before you report!
Richard Bove is a idiot , edward kelly was ceo of mercantile bank in md for several years in that time more than doubled the banks assets then sold it for a huge premium to pnc took on almost no risk this is the sole reason pnc is in the great shape it is in, before that edward ' ned ' kelly worked for jpm and structured two of the largest mergers in us history exxon and jpm & chase. he started out as general counsel for jpm which they saw his wasted talent as a lawyer and quick moved him up the ranks to head of latin america to the jpm merger then ceo of mercantile he is by my opinion smarter then pandit and could run citi hands down and Rachael Singh please do your homework before you report a lawyer 13 years ago is running the cfo post..
Posted by: sandman, 23 Mar 2009 | 00:00