UPDATE 3-Citigroup CFO to run troubled bank unit | Markets | Markets News | Reuters

UPDATE 3-Citigroup CFO to run troubled bank unit | Markets | Markets News | Reuters: “Citigroup Inc (C.N), in a significant management shake-up, on Friday named Gary Crittenden to run a unit housing underperforming and toxic assets the bank wants to get rid of, and tapped Edward Kelly to replace him as chief financial officer.

Crittenden was named chairman of Citi Holdings and will work with its interim chief executive, Michael Corbat, to sell or wind down $850 billion of assets. The unit is separate from Citicorp, whose $1.1 trillion of assets include businesses Citigroup wants to keep, such as retail and investment banking, transaction services, and Citi Private Bank.

The appointments are ‘the first good news we’ve had in a long time from Citigroup,’ said Michael Holland, a money manager at Holland & Co in New York. ‘Crittenden has earned the confidence of the financial community, and Kelly is considered a very solid, competent citizen. It is a welcome relief.'”

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