Citigroup’s chairman of investment banking Edward Kelly has announced his retirement after a stint of more than five years at the firm.
Kelly is a veteran banker who was the CFO of Citibank during the financial crisis of 2008.
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He has also held several top positions at large financial institutions. He was an investment banker at J.P. Morgan for seven years.
In 2001, he moved on to become CEO of Mercantile Bankshares Corp where he remained till 2007, when Mercantile was acquired by
PNC Financial Services Group for $6bn, and then became its vice chairman.
Joining Citigroup in 2008, Kelly led the negotiations for Citigroup’s bid to buy Wachovia Corp., which didn’t materialize over quality issues, with Wells Fargo & Co ultimately acquiring the financial group, reports the Wall Street Journal.
Citigroup vice chairman Stephen Volk will succeed Kelly, as reported by the Financial Times.
Kelly’s departure comes as the bank is undergoing various management changes.
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