Citigroup Monday denied a television report that the bank’s Chairman Sanford ’Sandy’ Weill was about to announce his retirement.
The CNBC television network reported Weill would announce his retirement from the world’s largest financial services company this week but within moments the bank’s Chief Financial Officer Sallie Krawcheck told CNBC the report was wrong.
The bank quickly followed up with a statement.
“The CNBC report that Sandy Weill is leaving as chairman of Citigroup is wrong,” the bank said in a one-sentence statement.
Citigroup shares fell roughly 0.6 percent in the minutes after the original CNBC report, but made up that ground after Krawcheck’s comments.
Late last week Citigroup’s No. 2 executive Robert Willumstad said he would step down to pursue opportunities to become a chief executive of a public company.
Weill, 72, who handed over the chief executive role at Citigroup to protege Charles Prince two years ago, is set to retire from Citigroup next year.
But CNBC Monday cited unnamed sources familiar with the matter saying he was to leave sooner and planned to start a private equity fund, raising $5 billion to invest around the globe.
Weill has orchestrated many deals over his legendary 45-year career on Wall Street, with none bigger than the 1998 merger of Citibank with Travelers Group.
