Comments
Citigroup Inc Chairman, Mr Richard D. Parsons, who helped steer the bank through its near-death experience in the financial crisis, is considering stepping down after three years in the post.
Citing people familiar with the situation, The Wall Street Journal said Mr Parsons is considering stepping down after three years in the post.
The 63-year-old Parsons is expected to decide by early March, the report said, adding that he wants to focus on “other interests’’.
Regardless of his decision, Citigroup is expected to keep separate the posts of chairman and chief executive, the report noted.
Mr Parsons, who became Chairman in 2009, was a Citigroup director since 1996. Previously, he served as Chairman and Chief Executive at Time Warner Inc.
Bad bets on mortgages and other securities nearly sank Citigroup in 2008 and forced the bank to accept tens of billions of dollars in US aid. In 2011, Citigroup posted a profit of $11.3 billion.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.