NEW YORK (

TheStreet

) -- John Havens, who has led

Citigroup's

(C) - Get Report

institutional clients group for the past three years, is expected to be named president and chief operating officer, the

Wall Street Journal

reports.

CEO Vikram Pandit briefed the board on the management change Tuesday after the

bank reported quarterly profits

that fell far short of Wall Street expectations.

Havens' promotion is part of Citigroup's efforts to expand as it tries to put the effects of the financial crisis behind it, the

Journal

notes.

The promotion of Havens will cut the number of executives reporting directly to Pandit by half from a current 18 and could speed decision-making, the

Journal

reports, citing people familiar with the matter.

-- Written by Joseph Woelfel

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Joseph Woelfel

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