UPDATE: Citi's (C) Former COO Approves 'Carve Out' Prior to Departure

(Updated - October 19, 2012 3:59 PM EDT)

According to reports today, Citigroup’s (NYSE: C) former COO, John Havens, who recently departed along with former CEO Vikram Pandi, supported approval of a moved called a "carve out." The agreement makes internal hedge funds an entity controlled by "certain employees." The new structure could help Citi with regulator issues. It may also give managers a stake in hedge funds run by the bank.

UPDATE - CNBC is saying that Citi Securities and Banking chief James A. Forese was offered the COO job, but he declined the position. In fact, Citi is mulling doing away with the COO position altogether. No sources were cited by CNBC on the headlines.

Citi popped, but ended up moving lower into the close.

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