Klein Leaves Citi After 23 Years
In addition to other responsibilities, Klein has overseen the franchise's private equity operations for over two decades.
July 21, 2008
Michael Klein, chairman of Citigroup's Institutional Clients Group (ICG) and head of the private equity and global financial entrepreneurs divisions, is leaving the bank after 23 years, according to an internal memo obtained by IDD.
"It is with real regret that I inform you that Michael Klein has decided to leave the company to pursue other opportunities," wrote Vikram Pandit, Citi chief executive, in the memo to Citi employees, dated today. "An advisor to governmental and corporate leaders, Michael is a uniquely talented individual and partner, and, on behalf of the company, I thank him for his invaluable contributions to Citi, and wish him well."
Klein joined the M&A group of one of Citi's predecessor firms, Salomon Brothers, upon his graduation from the University of Pennsylvania's Wharton School of Business. Since 1987, he has overseen the firm's private equity and global financial entrepreneurs divisions.
Michael Klein
During his tenure, he held positions such as co-head of global investment banking for Salomon Smith Barney and CEO of Citi Markets & Banking for Europe, the Middle East and Africa. Klein was put in charge of expanding European investment banking in early 1999, and led the merger of merchant bank Schroders into Salomon Smith Barney's European banking operations.
Klein was appointed CEO of global banking in February 2004. He became ICG chairman and a firm vice chairman in March 2008.
Klein also spurred Citi's involvement with the UN World Food Programme following the December 2004 Asian tsunami, and the firm's support for efforts to combat global climate change.
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