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US banking giant Citi today reported a net loss of $8.9 billion for the fourth quarter and a $18.7 billion loss for the whole of 2008. The bank will now be split into two entities.
Michael Klein, New York-based chairman of Citi’s institutional clients group (ICG), is leaving to pursue other opportunities, according to a statement released by the bank on July 21.
Michael Klein and John Havens jointly replaced Citi chief executive Vikram Pandit as chairman and chief executive of the bank's institutional clients group in New York on March 17.
Citi has appointed Vikram Pandit as a replacement for its previous chief executive officer, Charles Prince, who stepped down in November after the bank faced writedowns of billions of dollars on its mortgage-backed securities business.