Citi Makes Senior Appointments

Citi has named Michael Klein chairman and John Havens chief executive officer of its institutional clients group, effective immediately. Havens also will serve as chairman of Citi Alternative Investments, a unit of the institutional client group. Both men will report to Citi CEO Vikram Pandit.




Citi today announced the appointments of Michael Klein as Chairman and John Havens as Chief Executive Officer of the Institutional Clients Group (ICG), effective immediately. ICG is comprised of Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI). Mr. Klein and Mr. Havens will report to Vikram Pandit, Chief Executive Officer of Citi. Mr. Havens has also been appointed Chairman of CAI.
Today's appointments are another in a series of actions taken by Mr. Pandit since becoming CEO last December. These actions reflect Mr. Pandit's commitment to build a culture based on teamwork and the best possible talent; manage Citi's capital for greater profitability; and create a strong base for future earnings growth through a more streamlined, client-focused organization. “Mr. Klein and Mr. Havens will play vital roles in Citi and ICG achieving these objectives,” Mr. Pandit said.
Mr. Klein will lead the organization to closer ties with clients and concentrate on building client relationships with prominent corporations, governments and institutions around the world. Mr. Havens will be responsible for the management and strategic oversight of ICG as well as for setting the strategy and direction of CAI. In addition, Mr. Klein, working with Mr. Pandit, Mr. Havens and Citi's senior management, will focus on ICG and corporate strategies. Mr. Klein will chair a company-wide client committee focused on delivering “one-Citi” to all clients and work on other firm-wide projects.
Mr. Pandit said, “I am confident that with Michael focused on leadership with clients and John focused on management, we have a great partnership leading this institution.”
“Michael Klein has an unmatched network of relationships with CEOs and heads of state,” Mr. Pandit said. “In today's environment, it is more important than ever to have a dedicated individual to concentrate on building these deep relationships. Michael has been instrumental in the growth and success of Citi because he is relentlessly focused on our clients. In fact, he has played a major role in the strategy and execution of just about every monumental or complex transaction in the last twenty years. There is no one more qualified to strengthen and deepen Citi's network of key relationships around the world.”
Mr. Havens, previously CEO of CAI, is a proven industry leader and a highly respected manager and operating executive. During his nearly 30-year career, he is widely known for building important relationships with clients and regulators across the globe as well as operating tightly-managed, client-focused businesses.
“John Havens is one of the most experienced and respected operating executives in financial services,” Mr. Pandit said. “His primary goals will be to take full advantage of the breadth of our products and our geographic scope, while ensuring we have the best possible risk management in place. His leadership skills are perfectly suited for capturing the many opportunities we see at this time.”
The leaders of ICG reporting to Mr. Havens include: James Forese (Head of Sales and Trading/Capital Markets); Ray McGuire, (Co-Head of Investment Bank); Alberto Verme (Co-Head of Investment Bank); Edward “Ned” Kelly (CEO and President of CAI); Michael Corbat, (Head of Corporate and Commercial Bank); Paul Galant, (Head of Global Transaction Services); and Hamid Biglari (Chief Operating Officer of ICG).
“The senior leadership team supporting Michael and John is a deep and talented bench, composed of smart, strategic team players. By putting the right talent in the right places, we are enhancing Citi's ability to meet the evolving needs of our institutional clients and address the long-term growth trends in both developed and developing markets,” Mr. Pandit said.
Vikram Pandit's Key Priorities
Since becoming CEO in December, Mr. Pandit has been conducting intensive business reviews. While these reviews are ongoing, Mr. Pandit has identified and emphasized the following key priorities for Citi:

  • Better manage the firm's capital resources and risk management for improved profitability, stability and future growth;
  • Eliminate bureaucracy and encourage collaboration across business lines while creating a nimbler, more client-focused organization;
  • Create a culture for our employees that rewards meritocracy and drives accountability and teamwork; and
  • Drive cost and operational efficiencies to generate additional shareholder value.

Michael Klein
Mr. Klein was most recently Chairman and Co-Chief Executive Officer of CMB, with primary responsibilities for corporate client coverage and Global Transaction Services across Citi. He was previously Chief Executive Officer of Global Banking, a position he held since the group's inception in February 2004.
Prior to this, Mr. Klein was CEO of CMB for Europe, Middle East and Africa. He has also held the positions of CEO of CMB, Europe, and Co-Head of Global Investment Banking for Salomon Smith Barney. In early 1999, he was given responsibility for the expansion of the firm's European investment banking business. A major step in that development was the merger, in May 2000, of Salomon Smith Barney's European operation with Schroders, a leading UK and European Merchant Bank. Mr. Klein joined the Mergers & Acquisitions group of Salomon Brothers after graduating cum laude from the Wharton School of Business. Since 1987, and prior to becoming Co-Head of the Global Investment Bank, he has been responsible for the firm's Global Financial Entrepreneurs and Private Equity Groups.
John Havens
Mr. Havens was formerly the Chief Executive Officer of CAI. Prior to joining CAI, Mr. Havens was a founder and Partner of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager that was acquired by Citi in 2007. Before forming Old Lane in 2005, Mr. Havens was Head of Institutional Equity at Morgan Stanley and a member of the firm's Management Committee. In his 19-year career at Morgan Stanley, Mr. Havens held several positions of increasing authority and served on the new product, risk and capital allocation committees. Mr. Havens has served on many NYSE committees over the years and just ended a term as a Director of the NASDAQ market. After receiving his B.A. from Harvard, he began his career in 1979 at Kidder Peabody. 

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at or