Banking veteran Bischoff takes up reins as acting CEO

Sir Win Bischoff has taken on a tough role - being acting chief executive for a giant bank that needs plenty of attention.

The new leader of Citigroup Inc, who replaces Charles Prince, is taking the reins as the largest US bank braces for another set of writedowns, the share price hovers around 2003 levels, and investors fret about the bank's capital.

Bischoff, 66, comes to the job with experience. He joined J Henry Schroder in London in 1966, was named group chief executive of Schroders Plc in 1984, and was appointed chairman in 1995.

When Salomon Smith Barney, a unit of Citigroup, bought Schroder's investment banking business in May 2000, Bischoff became chairman of Citi Europe.

Analysts and people familiar with the bank said Bischoff should provide a steady hand as Citi navigates rocky shoals. Bischoff told Reuters that he does not expect to turn Citi onto another course.

"Certainly there won't be any (strategic) changes in the interim," Bischoff said.

Bischoff has not run a financial institution day-to-day for some time, and is likely to remain chief executive for a relatively short time, analysts said.

Agencies

(China Daily 11/06/2007 page16)