Krawcheck becomes highest ranking woman on Wall Street

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Sallie Krawcheck, chairman and chief executive of Citigroup's research unit, has been appointed chief financial officer and head of strategy of the entire bank in a reshuffle of top roles. The move will make her the highest ranking woman on Wall Street.

She will swap roles with the current chief financial officer and head of strategy, Todd Thomson, who will take up Krawcheck's old role at Smith Barney, the research arm of the bank. The role swap will take place next month.

Chuck Prince, chief executive officer of Citigroup, said: "Todd has strengthened our finance function and consistently promoted greater transparency and clarity in our financial reporting during his nearly five years as chief financial officer. Sallie has effectively navigated our private client wealth management and research business through one of the most challenging periods in its history."

He added: "Through these appointments, Todd will be able to expand his skills by running one of our key operating units. And Sallie will get a broad view of our entire global organisation through a critical corporate role."

Thomson has served as chief financial officer and head of strategy at Citigroup since 2000. His role included responsibility for financial reporting, treasury, tax, investor relations, operations and technology, mergers and acquisitions and strategic planning. He is a member of the management committee and previously served as chief executive officer of Citigroup's global private bank.

Krawcheck took on her role at Smith Barney in 2002, and is also a member of the management committee. She previously served as chairman and chief executive officer of Sanford C. Bernstein, the independent research provider where she gained a reputation as one of the leading research analysts covering Wall Street banks and the insurance sector.

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