Citi has appointmented Michael Klein as chairman and John Havens as CEO of the Institutional Clients Group (ICG), effective immediately.
ICG is comprised of Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI). Klein and Havens will report to Vikram Pandit, CEO of Citi. Havens has also been appointed chairman of CAI.
Today’s appointments are another in a series of actions taken by Pandit since becoming CEO last December. “Mr. Klein and Mr. Havens will play vital roles in Citi and ICG achieving these objectives,” says Pandit.
Klein will lead the organisation to closer ties with clients and concentrate on building client relationships with prominent corporations, governments and institutions around the world. 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, Klein, working with Pandit, Havens and Citi’s senior management, will focus on ICG and corporate strategies. Klein will chair a company-wide client committee focused on delivering “one-Citi” to all clients and work on other firm-wide projects.
“Michael Klein has an unmatched network of relationships with CEOs and heads of state. 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,” says Pandit.
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. 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,” says Pandit.
The leaders of ICG reporting to Havens include: James Forese, Ray McGuire, Alberto Verme, Edward “Ned” Kelly, Michael Corbat, Paul Galant and Hamid Biglari.
“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,” adds Pandit.