Citigroup Inc., the third-biggest U.S. bank by assets, moved investor-relations chief John Andrews to a new position where he will deliver market information and "rapid insight" to the firm's top clients.
Andrews, 48, will be head of "institutional client-content development and marketing in global markets," working with different teams, according to an internal memo obtained by Bloomberg News. Danielle Romero-Apsilos, a spokeswoman for New York-based Citigroup, confirmed the memo's authenticity.
Chief Executive Officer Vikram Pandit, 55, created the post for Andrews, who has managed Citigroup's relationships with shareholders since March 2009. The stock had gained 8.5 percent since the end of that month through yesterday, compared with a 64 percent gain for the KBW Bank Index of 24 U.S. lenders.
"John will harness Citi's internal resources to structure and deliver timely, bespoke content on critical strategic trends and market-moving events to our most important institutional clients," Chief Financial Officer John Gerspach and Jim O'Donnell, head of sales and relationship management, said in the memo. "He will create a formal structure to harness Citi's corporate-wide internal experts and deliver rapid insight around market-moving events."
Andrews will begin his new job after Citigroup announces second-quarter results this month, Gerspach and O'Donnell said in the memo. Susan Kendall will be interim head of investor relations until a replacement is found, according to the memo.
Andrews joined Citigroup after the firm received a $45 billion U.S. bailout, which the bank has repaid. He previously headed investor relations at Citadel LLC, the hedge fund run by Ken Griffin, and also worked for Goldman Sachs Group Inc. and Morgan Stanley, according to the memo.