Tuesday named former
to its new office of the chairman.
Rubin, who was vice chairman at investment bank
before a stint in Washington in the '90s, will share the office with
. They were the heads of
, respectively, before the New York companies merged last year to create Citigroup.
Rubin, who said at a press conference trumpeting his arrival that he isn't interested in becoming CEO, will also join Citigroup's board and serve as chairman of the board's executive committee.
Rubin holds the respect of both Washington and Wall Street, especially for his deft handling of a U.S. economy buffeted repeatedly by global financial pressures in recent years. "This fellow has a resume with a gold edge on it," said Stephen Blumenthal, vice president at
Schwab Washington Research Group
. "He's well respected and has the three 'I's': intellect, an industrious nature and integrity."
Never mind Rubin's "unbelievable access" in Washington, said Leslie Alperstein of
. "Everyone will want to meet him. There are no negatives, all positives. In fact, there are untold positives because he will wind up bringing in a lot of deals."
As for Rubin, "Even though he said that he's not interested in being a CEO, he is seen as a possible successor to Weill and Reed," said Blumenthal. "And if there's a Democratic president next year, Rubin will go right to the top of a short list of candidates to succeed
At midday, Citigroup's stock was up a modest 1 7/16 to 49 1/4.