Rubin Joining Weill, Reed Atop Citigroup - TheStreet

Rubin Joining Weill, Reed Atop Citigroup

The ex-Treasury secretary will join the office of the chairman along with current execs Sandy Weill and John Reed.
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Financial-services giant

Citigroup

(C) - Get Report

Tuesday named former

Treasury

Secretary

Robert Rubin

to its new office of the chairman.

Rubin, who was vice chairman at investment bank

Goldman Sachs

(GS) - Get Report

before a stint in Washington in the '90s, will share the office with

Sandy Weill

and

John Reed

. They were the heads of

Travelers

and

Citicorp

, 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

Washington Analysis

. "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

Alan Greenspan

."

At midday, Citigroup's stock was up a modest 1 7/16 to 49 1/4.