Citigroup replaced Ned Kelly, its finance chief, yesterday after less than four months in the job.
The surprise move follows regulatory pressure to overhaul top management and could weaken the position of Vikram Pandit, chief executive.
The move by Mr Kelly, one of Mr Pandit's closest allies, to a new role overseeing strategy and mergers and acquisitions is a victory for Sheila Bair, chairman of the Federal Deposit Insurance Corporation, one of Citi's regulators.
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