Sallie Krawcheck, the head of Citigroup’s wealth management unit, is to leave the US financial services group after rejecting an offer by chief executive Vikram Pandit to take a back seat role in the division.

The departure of Ms Krawcheck, one of the most senior women on Wall Street, triggered a shake-up that will hand John Havens, a close ally of Mr Pandit who runs Citi’s securities business, additional responsibility for wealth management.