Wednesday, 29 June 2016
Last updated 11 hours ago
Jan 19 2011 | 10:38am ET
The old partners from Old Lane Partners remain firmly in control at Citigroup. The troubled bank, which yesterday reported its first profit in three years but missed analysts’ expectations, has named John Havens its new president and chief operating officer.
Havens came to Citi in 2007 when the bank bought hedge fund Old Lane, which he co-founded with Vikram Pandit, now Citi’s CEO. Havens and Pandit worked together at Morgan Stanley before setting up Old Lane, which Citi closed less than a year after buying it for more than $800 million.
It’s been a rapid ascent at Citi for Havens. He took over as head of Citi Alternative Investments after Pandit was promoted to head of investment banking as CEO of Citi’s then-new Institutional Clients Group. Havens was then handed the reins of that business when Pandit was named Citi CEO in December 2007.
“John Havens is one of this company’s strongest managers and best leaders,” Pandit said of his longtime colleague. “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.”
Havens was Citi’s highest-paid executive last year, earning about $9.5 million.