Citigroup has tapped John Havens, CEO of the firm's investment banking division, to be president and chief operating officer, according to a release this morning.
Havens, 54, will report to CEO Vikram Pandit and manage the bank's day-to-day operations.
James Forese, 48, co-head of global markets, will be promoted to head up both the markets division and the investment banking unit that Havens ran for the past three years. Edward Kelly, 58, a vice chairman, will become chairman of the i-banking business, his fourth new position in four years.
Forese and Kelly will report to Havens, along with regional CEOs of Asia Pacific, Europe, the Middle East and Africa, and the heads of certain global businesses in the investment bank. The reporting structure should alleviate some of the burden on Pandit; only half of the 18 people reporting to him will continue to do so.
The restructuring reflects Citi's efforts to focus on growth after recovering from the financial crisis.
"John Havens is one of this company's strongest managers and best leaders," Pandit said in the statement. "He's been indispensable to the turnaround of Citi. This role will take advantage of the full range of his management talent and experience, and will allow all of us to sharply focus on executing our plans for the future."
Pandit and Havens have worked together for 25 years since their time at Morgan Stanley. They left that firm in 2005.
Write to Julie Steinberg