Citigroup on Friday revealed the biggest management revamp of the Vikram Pandit era, naming veteran dealmaker Edward “Ned” Kelly to succeed Gary Crittenden as its chief financial officer.

The appointment of Mr Kelly – an attorney by training who had headed Citi’s investment banking operations – indicated that Citi might take a more aggressive approach to selling its core assets. Mr Crittenden, meanwhile, will chair a new unit containing “non-core” holdings.