Citigroup set ups new research unit
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| Cigigroup (C) said it's naming Sanford Bernstein's Sallie Krawcheck as chairman and chief executive officer of a new business unit which will include the company's equity research and private client brokerage operations. "This structure, under Sallie's leadership, will help assure that all equity research at Citigroup will be independent of corporate and investment banking and underwriting," Citigroup said in a statement. The unit will include the global private client group, with more than 12,500 financial consultants, as well as global equity research operating under the Smith Barney name. The move comes as a global settlement between investment banks and regulators gears up in the wake of allegations of conflict of interest in the investment banking business. Shares of Citigroup rose 20 cents to $36.50 on Tuesday. |