Citigroup (NYSE: C) To Name Former Chairman Kelly To Head Global Banking Unit Again

Citigroup Inc. (NYSE: C) will likely name Vice Chairman Edward Kelly as chairman of the bank’s global banking unit, according to recent reports.  Kelly had led the unit up until late 2009.

Kelly, 56, has been extremely active since joining Citigroup in February 2008, serving as Chief Financial Officer from March to July in 2009.  He then moved on to handle Citigroup’s strategic operation plans, overseeing the bank’s initiative to sell assets.

In the past year Kelly has guided some of the bank’s largest asset sales, including the sale of Citigroup’s majority control in Smith Barney to Morgan Stanley.

Along with assets sales, Kelly will also oversee mergers and acquisitions, as well as equity and debt underwriting under the global banking unit.

Citigroup was the fifth-ranked adviser on global merger and acquisition deals announced so far in 2010, according to a Bloomberg report.  The bank also ranked sixth in the underwriting of U.S. bonds so far this year and seventh in global equity offerings, according to Bloomberg.

Before joining Citigroup, Kelly worked at Carlyle Group, a private equity firm.  Before that he served as vice chairman of PNC Financial Services and also spent time as an investment banker with JP Morgan.