Citigroup's Investment Bank Chairman Ned Kelly To Retire, Names New FX Chief

(RTTNews) - Ned Kelly, chairman of Citigroup Inc.'s (C) investment bank, is retiring and will be replaced by Vice Chairman Stephen Volk, according to media reports.

Kelly, 61 years old, was a former chief financial officer during the financial crisis. Kelly reportedly told President Jamie Forsee about his intention to retire earlier this year.

Kelly was an investment banker at J.P. Morgan till 2001, following which he became CEO of Mercantile of Bankshares Corp. When PNC Financial Service Group acquired Mercantile Bankshares in 2007, Kelly was named vice chairman of PNC. And in 2008, he joined Citigroup.

Stephen Volk, 78, joined Citigroup in 2004, after leaving his role as chairman in Credit Suisse First Boston.

Further, the bank reportedly said earlier Friday that it was naming James Bindler as global head of foreign exchange, replacing Jeff Feig, who is leaving the firm to join Fortress Investment Group.

James Bindler is currently the trading and global head of foreign exchange options for central and eastern Europe, the Middle East and Africa.