Citigroup's Klein, Havens to Run Institutional Unit

Updated from 9:56 a.m. EDT

Citigroup (C Quote - Cramer on C - Stock Picks) named Michael Klein as chairman of its institutional clients group and John Havens as chief executive of the unit, effective immediately.

The group is comprised of Citi Markets & Banking and Citi Alternative Investments. Klein and Havens will report to Vikram Pandit, Citi's CEO. Havens has also been appointed chairman of Citi Alternative Investments.

The moves represent the latest changes Pandit has implemented since he became CEO of Citi in December.

Havens was previously CEO of Citi Alternative Investments. Klein was most recently chairman and co-CEO of Citi Markets & Banking.

Know What You Own: Citigroup operates in the financial services industry, and some of the other stocks in its field include Bear Stearns (BSC Quote - Cramer on BSC - Stock Picks), Goldman Sachs (GS Quote - Cramer on GS - Stock Picks), Morgan Stanley (MS Quote - Cramer on MS - Stock Picks), Merrill Lynch (MER Quote - Cramer on MER - Stock Picks), Bank of America (BAC Quote - Cramer on BAC - Stock Picks) and Lehman Brothers (LEH Quote - Cramer on LEH - Stock Picks). These stocks were recently trading at ($4.23, -85.90%), ($152.00, -3.10%), ($35.15, -6.07%), ($42.10, -3.24%), ($36.12, +1.20%) and ($33.48, -14.72%) respectively. For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.