Stuckey to helm Citigroup subprime team
The group was created after the bank announced Sunday that it would write-down between $8 billion and $11 billion of subprime debt.
Citigroup Inc. has named Richard Stuckey to head its newly assembled subprime-mortgage team, according to an internal memo.
Mr. Stuckey will oversee Citigroup’s Sub-Prime Portfolio Group, created after the bank announced on Sunday that it would write-down between $8 billion and $11 billion of subprime debt.
He will be assisted by Mark Tsesarsky, head of special situations securitization in fixed income.
The team will be responsible for managing its remaining troubled assets, including asset-backed securities and collateralized debt obligations,
The company said that those positions will be removed from the structured credit portfolios and will be managed separately from the remainder of its Fixed Income, Currencies & Commodities business lines.
“In the coming weeks we will review our credit businesses to better align them with the future opportunity,” the memo said.
The announcement comes two days after Citigroup chairman and chief executive Charles O. Prince announced his retirement from the company.
Sir Win Bischoff, the head of its European operations, was named the interim chief executive, while former Treasury Secretary and board chairman Robert Rubin was named chairman (InvestmentNews, Nov. 5) .
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