Stuckey in to try and fix Citigroup

7 November 2007

Citigroup has moved quickly to turn its fortunes around after it drafted in Richard Stuckey.

Mr Stuckey will try to help the bank reduce its $43 billion exposure to the sub-prime markets, taking charge of the sub-prime portfolio that has seen $11 billion already wiped off.

He is likely to draw upon his experiences at the Long Term Capital Management (LTCM) hedge fund as he tries to improve the situation at Citigroup.

The news comes soon after the announcement that Charles Prince and the bank were going their separate ways after the former chief executive's four-year spell.

According to the Times, a memo at the bank stated that a review into the bank's credit business was due.

It read: "In the coming weeks we will review our credit businesses to better align them with the future opportunity [sic]. We are a leader in these businesses and we believe they continue to represent a great opportunity for our institution going forward, including structured products."

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