Everyone from analysts to insiders pointed to the 65-year-old
banking veteran as the man behind the move that rattled Wall Street yesterday.
“Recall, in April Michael O’Neill replaced Richard Parsons as
chairman of the board. This could have facilitated this move,” Barclays analyst
Jason Goldberg said in a research report.
O’Neill’s ties to Citi’s new CEO, Michael Corbat, go back to
Corbat’s days as head of Citi Holdings, the “bad bank” division that held the
bank’s toxic assets in the aftermath of the financial crisis.
O’Neill had been chair of the Citi Holdings Oversight Committee
since joining Citi’s board in 2009.
“They work well together,” sources say about the relationship
between Corbat and O’Neill.
The Citi chairman has also made no secret about his desire to get
his hands dirty in his new gig — a far different approach from his predecessor
Parsons.
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