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Citigroup Names O’Neill Chairman as Parsons Departs

Citigroup Inc. Chairman Richard Parsons, who helped the bank become a behemoth that almost collapsed in the financial crisis and then led its recovery, will be replaced by fellow director Michael O’Neill.

O’Neill will take over after the firm’s shareholder meeting in April, New York-based Citigroup said in a statement. Parsons, 63, spent 16 years on the board, becoming chairman in 2009 after the bank’s $45 billion bailout by U.S. taxpayers.