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| Citi may name Fannie Mae's Diana Taylor as director: report |
| Press Trust of India / London Jul 24, 2009, 20:41 IST |
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Banking behemoth Citigroup may name mortgage lender Fannie Mae's Diana Taylor as a director while revamping its board, says a media report.
"Citigroup is expected to name Diana Taylor, a respected former banking regulator who is the companion of Michael Bloomberg, New York city's mayor, as a director in a revamp of its much-criticised board," The Financial Times has said.
Taylor has been a director of Fannie Mae since December but she is expected to leave the troubled mortgage finance group if she joins Citi, the daily noted.
Attributing to people close to the situation, the report said Taylor, who was New York state's banking watchdog between 2003 and 2007, was one of three new additions Citi wants for its 14-strong board in the coming weeks.
"Citi, which is poised to cede a 34 per cent stake to the US government, has yet to make a final decision on the appointment but Taylor has been in talks with Dick Parsons, the bank's chairman, for at least a week," the daily said quoting people familiar with the matter.
Taylor began her career as an investment banker at Smith Barney, now part of Citi, it added.
The report noted that addition of Taylor would be a boost for Citi's board, which has been criticised by regulators for the long tenures of some directors, their lack of banking experience and their inability to stop the bank's disastrous build-up of toxic assets before the crisis.
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