Senior-management changes meant to help "optimize" sale of wobbly holdings. Troubled Citigroup has moved its CFO Gary Crittenden into the new role of chairman of Citigroup Holdings. Ned Kelly, formerly head of Citi's global banking operations, has been named to replace Crittenden as CFO.

Crittenden will work with Mike Corbat, interim CEO of Citi Holdings, "to optimize the value of the businesses in this unit," Citi says in a press release.

Troubled assets

Citi Holdings is a two-month-old receptacle for Citi's troubled assets, which it hopes to sell, and a parking spot for its retail brokerage unit Smith Barney, which is on its way into a joint venture with the private-client division of Morgan Stanley. (The recent creation of Citi Holdings is actually a return to a form Citi abandoned in 2005 in favor of a unified corporate structure.)

"Gary and Ned will build on our early accomplishments and help to meet our strategic objectives at Citicorp and Citi Holdings," says Citi's CEO Vikram Pandit.

Citi Holdings controls about $850 billion in assets; Citi itself about $1.1 trillion across such business lines as retail, commercial, investment and private banking and transaction services, according to Reuters.

In the past five quarters, Citi has reported losses of $37.5 billion. In recent months, it has received $45 billion in U.S.-taxpayer bailout funds, and the government is sharing in losses on $300.8 billion in assets housed at Citi Holdings. -FWR

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