It took more than a decade for Citigroup Inc. to become a financial supermarket, but now the New York financial insitutution is following a new recipe with a new leader. Richard Parsons will succeed Sir Win Bischoff as chairman on Feb. 23. Parsons is the former chairman of Time Warner Inc., which he joined as president in February 1995. Parsons walks into a company that is bleeding billions, looking for cash through divestments and simply has fallen into critical condition. One company Citigroup said Thursday it wants to keep is its Mexican banking unit Banamex, according to Reuters. Citi told Reuters that Banamex was in "solid condition." Maybe that's why speculation has risen that billionaire Carlos Slim was reportedly interested in purchasing Banamex if Citi was willing to let it go. - Gerald Magpily
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