Citigroup's chairman to leave following management shake-up

Michael Klein, Citigroup’s investment banking chairman is to leave the bank, following a huge sake up of the company since Vikram S. Pandit was appointed as chief in December.

Citigroup has said that Klein is leaving to pursue other opportunities. 44-year old Klein was the banks co-chief of trading and investment banking division for 10-months.

Chief executive, Mr. Pandit has been restructuring the bank after almost $55 billion of write-downs and losses linked to the collapse of the subprime mortgage market.

On Friday Citigroup posted a smaller than expected loss of $2.5 billion, this lead to a rise in shares of 20 percent.

On Monday Citigroup’s shares rose by 1.8 percent or 34 cents, shares are now at $19.69.

Source