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Citigroup reshuffle aimed at smoothing asset sales

<div>WALL Street giant Citigroup yesterday unveiled a boardroom shuffle as it continues efforts to sell off non-core parts of the business.<br /><br />Chief financial officer (CFO) Edward &ldquo;Ned&rdquo; Kelly will become vice chairman with responsibility for strategy, as well as mergers and acquisitions, which will in practice mean disposing of assets from Citi&rsquo;s &ldquo;bad bank&rdquo;, Citi Holdings.<br /><br />Chief accounting officer John Gerspach will replace him as CFO, the bank&rsquo;s fifth CFO in four and a half years. Eugene McQuade, a former vice chairman of Merrill Lynch, will take on responsibility for its core banking operations, Citicorp.<br /><br />Chairman Vikram Pandit said: &ldquo;Our relentless focus on executing against our strategic priorities at Citi continues as we remain focused on rationalising Citi Holdings, and on Citicorp as our core operating business.&rdquo;</div>