IN BRIEF (Page 16)

New Citigroup chairman

Citigroup Inc named former Time Warner Inc Chief Executive Richard Parsons as its chairman, the latest high-level personnel change to shake a US bank clobbered by the credit crunch.

Parsons, 60, has been a director since 1996, a period marked by rapid growth followed by a precipitous decline. He succeeds Sir Win Bischoff, 66, who will retire from Citigroup later this year.