Citi is making two senior management changes as part of its business realignment into Citicorp and Citi Holdings. Gary Crittenden, previously chief financial officer, has been placed in the newly created role of chairman of Citi Holdings, and Edward Kelly, previously the head of Global Banking, will assume the role of chief financial officer at Citigroup.

In his new role, Mr Crittenden will work with Mike Corbat, the interim chief executive of Citi Holdings, to optimise the value of the businesses in this unit. Citi Holdings represents a significant portion of the assets of Citigroup.

"Gary and Edward will build on our early accomplishments and help to meet our strategic objectives at Citicorp and Citi Holdings," said Citi chief Vikram Pandit.

Mr Crittenden has been chief financial officer of Citi since March 2007. He was responsible for the financial management of the company in addition to strategy and M&A, productivity and re-engineering.

Mr Kelly was previously head of Global Banking, Citi Private Bank and president and chief executive officer of Citi Alternative Investments in Citi's Institutional Clients Group. He is a member of Citi's senior leadership and executive committees.