Former Amex man named as new Citi CFO

26 February 2007

Citigroup has named former American Express chief executive Gary Crittenden as their chief financial officer.

Mr Crittenden, 53, takes over from Sallie Krawcheck and will be charged with cutting costs at the bank, which has recently recorded slower-than-anticipated growth in revenues.

It is likely that Citigroup's decision to hire Mr Crittenden was influenced by his experience in consumer finance and the effectiveness of his cost-cutting measures in his former job, which saw American Express become one of the best performing companies in the financial sector.

Commenting on the hire, Citigroup chief executive Charles Prince, said: "Gary's proven record and expertise in strategic financial management, together with his substantial experience in the consumer business, will accelerate our growth across the franchise."

Mr Crittenden's career began at Bain & Co, a consulting company, before he moved to American Express, where he is thought to have been instrumental in the sale of its brokerage wing Ameriprise and was responsible for thousands of job cuts, as the company sought to dramatically reduce its operating costs.

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