ICG chairman Klein quits Citi

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.

He was appointed to the role of chairman of ICG in March to build client relationships with prominent corporations, governments and institutions, and develop corporate strategy. The group encompasses Citi Markets and Banking (CMB), as well as its alternative investments unit.

At the same time, John Havens – who joined Citi alongside chief executive Vikram Pandit from hedge fund Old Lane – was made chief executive of ICG. He assumes the lion’s share of managerial responsibilities, including strategic oversight of CMB and alternative investments. He had previously been chief executive of alternative investments.

Although Klein was edged out of a day-to-day management role, his departure continues a period of upheaval among the bank’s senior staff.

In February, it replaced former chief risk officer Jorge Bermudez after he had served just three months in the role. He was replaced by Old Lane’s chief risk officer and co-chief operating officer Brian Leach.

Klein worked at Salomon Brothers and later Citi for 23 years. Before his appointment to chairman of ICG in March, he served as chairman and co-chief executive of CMB, with responsibility for global corporate and investment banking and global transaction services. He had also worked as chief executive of global banking at Citi and co-head of global investment banking at Salomon Smith Barney.

The bank did not respond to requests for comment on a possible replacement.

See also: Citigroup replaces chief risk officer after just three months
Havens and Klein named institutional client heads at Citi