From The New York Times:

Responding to pressure from federal bank regulators, Citigroup on Wednesday named Richard D. Parsons, the former chairman of Time Warner, as its next chairman.

Mr. Parsons, 60, succeeds Winfried F. W. Bischoff, 66, a longtime Citigroup banker who, as chairman, presided over an increasingly fractious board, the bank said in a statement. Mr. Parsons had been the board’s lead director and chairman of its nomination and governance committee.

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