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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: agent99 who wrote (10500)9/8/2002 7:25:13 PM
From: TFF   of 12617
 
Citigroup's Carpenter Ousted as Head of Salomon Smith (Update1)
By George Stein

New York, Sept. 8 (Bloomberg) -- Citigroup Inc.'s Michael Carpenter was ousted as head of Salomon Smith Barney Inc. after the world's largest financial-services company became the focus of lawsuits and probes into Enron Corp. and WorldCom Inc., two of its largest investment-banking clients.

``We can see that certain of our activities do not reflect the way we believe business should be done,'' said Sanford Weill, Citigroup's chairman, in a statement. ``That should never be the case and I am sorry for that.''

Weill named Chief Operating Officer Charles Prince, 52, as chairman and chief executive officer of Citigroup's Global Corporate and Investment Bank, which includes Salomon Smith Barney. Carpenter will head the company's global investment group, which manages more than $100 billion.

Carpenter said it was time for Citigroup's investment-banking division to ``start on a fresh page.''

Under Carpenter, Salomon Smith Barney gained market share in investment banking. It became the focus of state and federal regulatory investigations and lawsuits into Wall Street practices in the late 1990s to win investment-banking business.

Citigroup may have to pay $10 billion to answer legal claims that it helped Enron mislead investors by hiding debt, Prudential Securities financial services analyst Michael Mayo said in a report last week.

Shares of New York-based Citigroup rose 98 cents to $30.28 on the New York Stock Exchange Friday. The stock has fallen 35 percent year to date.
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