updated 1/22/2007 11:24:23 AM ET 2007-01-22T16:24:23

Citigroup Inc. said Monday that Sallie L. Krawcheck will step aside as chief financial officer and assume the roles of chairman and chief executive of the bank’s global wealth management division.

Such a move had been rumored for weeks as the nation’s largest bank struggled to get its expenses under control.

Krawcheck will remain as CFO until a replacement is found. Chief Operating Officer Robert Druskin will oversee the global wealth management unit on an interim basis. Citigroup named Druskin COO last month, responding to investor pressure to cut costs, boost revenue and rejuvenate its sagging stock price.

Krawcheck, 42, will replace Todd Thomson, 45, as head of global wealth management. Citigroup said Thomson is leaving the company to pursue other interests.

Citigroup is conducting an internal and external search for a new CFO.

The global management division contains Citigroup Private Bank, Smith Barney and Citigroup Investment Research.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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