Havens and Klein named institutional client heads at Citi

Michael Klein and John Havens jointly replaced Citi chief executive Vikram Pandit as chairman and chief executive of the bank's institutional clients group in New York on March 17.

Havens will be chief executive of the institutional clients group, while Klein will serve as chairman. The bank said Havens will have responsibility for day-to-day management and strategic oversight, with heads of sales and trading, investment banking, alternative investment banking, and corporate and commercial banking all reporting directly to him. He has also been named chairman of Citi Alternative Investments. Klein, meanwhile, will focus on relationship-building outside the bank.

Citi’s institutional clients group combines the functions of its markets and banking division, as well as its alternative investment arm. The two were run as separate businesses until October last year, when they were brought together under Pandit.

Klein most recently served as chairman and co-chief executive of the bank’s markets and banking section. Havens was formerly chief executive of Citi Alternative Investments, having joined the firm alongside Pandit in April 2007 from hedge fund Old Lane. Both Klein and Havens will report to Pandit.

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