Surprise management reshuffle at Citi

Just days before announcing its second-quarter results, Citi installs veteran John Gerspach as CFO in place of Ned Kelly and hires outsider Gene McQuade to head Citibank North America.

Citi yesterday announced top management changes. After just four months on the job, Ned Kelly is being replaced as chief financial officer by John Gerspach, while Merrill Lynch banker Gene MacQuade is being brought in to head the North America franchise.

Our relentless focus on executing against our strategic priorities at Citigroup continues, said Citi chief executive officer Vikram Pandit in a written statement announcing the appointments. The senior management changes I am making today will further help in...

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