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A report today in Financial Times suggests that "U.S. regulators put direct pressure on Citigroup (NYSE: C) to replace its finance chief only weeks before his surprise departure." As part of a June-dated agreement with regulatory officials, Citi reportedly agreed to consider replacing CFO Ned Kelly prior to October, says the newspaper. Upon learning of the pact, Kelly tendered his resignation. (He later accepted a new role as the bank's vice chairman.)
Neither Citigroup nor regulatory officials have publicly confirmed or denied the reports of government meddling. However, it would hardly be the first time that the U.S. has clamped down on Citi, in which it now holds a 34% stake. Earlier this year, the banking issue opted not to accept delivery of a new corporate jet, following a rather strong suggestion from President Obama.
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