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Citigroup names Mike Corbat interim CEO of Citi Holdings

CITIGROUP Inc. has named Mike Corbat interim chief executive of Citi Holdings, the portion of the company that holds the banks' riskiest assets.

Corbat, who most recently served as head of Citigroup's Global Wealth Management division, has been with the company since 1983.

Earlier this month, Citigroup CEO Vikram Pandit said the company was splitting in two, after it suffered a fourth-quarter loss of US$8.29 billion.

One portion --- Citicorp -- will focus on traditional banking, while the other -- Citi Holdings -- will run the company's local consumer finance businesses, its brokerage and asset management segments, and the pool of assets the government agreed to backstop losses on.

Corbat will remain in charge of the brokerage and asset management. Steve Freiberg, recently the head of global cards, will be in charge of the local consumer finance businesses. And Rick Stuckey, a veteran portfolio manager hired by Citigroup in 2007, will manage the pool of "special assets."

To help run Citi Holdings, "we have more talent on its way," Pandit said during a presentation yesterday at a Citigroup financial services conference in New York.

Of the largest US banks, Citigroup appears to be on the shakiest ground. The bank has posted losses for five straight quarters, and received US$45 billion in capital from the government. Earlier this month, Citi reached a deal to sell control of its Smith Barney brokerage unit to Morgan Stanley.


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