Citigroup Inc said on Friday that Ned Kelly, a former chief financial officer who went on to advise as chairman of the company's investment bank, is retiring. Kelly, 61, will be replaced by Stephen Volk, who joined the bank in 2004 and will continue to be a vice chairman of Citigroup, a spokeswoman said. A small group of senior client advisors, including Peter Orszag and Leon Kalvaria, who have been reporting to Kelly will report to Volk, she said.
Also this month, Jeffrey Small, general counsel of the investment bank, will retire and be replaced Adam Meshel who is already at the company. The changes come as CEO Mike Corbat pushes to reduce costs and streamline management. Kelly had been chief financial officer under former CEO Vikram Pandit, who the board of directors ousted in October 2012 and replaced with Corbat.
Kelly and Pandit clashed during the financial crisis with one of Citigroup's regulators, Sheila Bair, then chairman of the Federal Deposit Insurance Corp. Kelly lost the CFO post after being quoted in The Wall Street Journal as calling the FDIC Citigroup's "tertiary regulator" behind the US Federal Reserve and Comptroller of the Currency.
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