Citi does some rearranging this morning, asks their former CFO to GTFO:

Citigroup says its former chief financial officer and current chairman of Citi Holdings, Gary Crittenden, is leaving the company as part of a broader shuffling of management.

Crittenden took over as chairman of Citi Holdings in March when the New York-based bank split some of its riskier assets from its more traditional banking business. Citi Holdings contains the riskier assets. His departure was disclosed Thursday.

Edward Kelly, who was serving as CFO since Crittenden switched positions, will become vice chairman of Citigroup. John Gerspach will take over as CFO.

Eugene McQuade is joining Citigroup to serve as CEO of the retail banking business.

Of these folks, I know Kelly is a Bandit darling and that McQuade joined C after not getting the CEO gig at Freddie Mac, which is kind of like dodging a bullet but not really.

Crittenden didn’t exactly have the most pleasant job in the world, being chair of the holding company C created back in January when they realized they had to split their “special asset pool” – and we mean “special” as in “assets that ride the short bus” – away from their banking business. But he did a pretty good job tidying things up at AmEx, so Team Bandit must’ve thought he was up to the job. Guess not. Or maybe Crittenden spoke too much truthiness:

In the book, “The Trillion Dollar Meltdown,” author Charles R. Morris says “Gary Crittenden, Citigroup CFO, may have been the first to tell analysts the truth [about the subprime writedowns in late 2007]. At a November analysts’ call, he was asked if he would confirm the truth that the writedowns were finally over. He said he could give no such assurances. His valuations of the complex instruments involved, he said, were just a ‘reasonable stab’ and no more indicative of ‘where we are going to come out at the end of the quarter than where we would be two weeks from now.

LoLo, Esq., and I don’t think this puts Citi any closer to divesting themselves of Citi Holdings, because we are pretty sure no matter who is in charge it is still going to get a big fat DO NOT WANT from any prospective buyer.