Havens to become Citigroup’s No. two

CITIGROUP named investment bank chief John Havens president and chief operating officer yesterday, expanding its most senior level of executives and elevating a long-time friend of Vikram Pandit.

Havens, currently head of Citigroup’s institutional clients group, will fill a vacant role as he takes charge of the bank’s day-to-day operations. The company announced his promotion along with several other management changes.

Citigroup’s investment bank has struggled recently, falling to eighth place from fourth in Thomson Reuters’ M&A rankings.

Citigroup announced the promotion a day after the company reported a worse-than-expected fourth-quarter profit, due to a steep drop in bond-trading revenue.