(Updated share prices throughout.)

Financial stocks closed higher Thursday, after an executive suite shake-up at


(C) - Get Report

and an upgrade for

Goldman Sachs

(GS) - Get Report


Citi continued to shuffle its top ranks by promoting CFO

Edward "Ned" Kelly to vice chairman and giving him additional responsibilities in strategy and M&A. Former CFO Gary Crittenden is leaving the company.

The changes come on top of

other management changes

last week, following the departure of Ajay Banga, the former head of Citi's Asia-Pacific operations. Banga took a position with


(MA) - Get Report

. Citi shares closed up seven cents to $2.69.

Goldman Sachs shares added 3.4% to $143.21, after

Merrill Lynch

analyst Guy Moszkowski gave the company's stock a buy rating, saying in a report that the company continues to benefit from reduced competition in trading, allowing it to capture higher margins.

Bank of America

(BAC) - Get Report


JPMorgan Chase

(JPM) - Get Report

shares were rising, after a


report that they were changing some customers with fixed credit card rates to variable rates. The change comes before new laws limiting what banks can charge go into effect,



BofA shares added 1.1% to $11.97 and JPMorgan shares were climbing 2.8% to $33.62.

Wells Fargo

(WFC) - Get Report

shares added 1.6% to $23.28.

The NYSE Financial Sector Index closed up 1.4% to 3714.26.

On the flip side,

American International Group

(AIG) - Get Report

shares fell 27.6% to $9.48 after a Citigroup analyst said the stock

may go to zero

, due to the risk of new losses on credit default swaps and its shedding of assets at low values. The company reportedly is in discussions with


(MET) - Get Report

about selling its foreign life-insurance unit American Life Insurance.

MetLife shares added 2.7% to $27.63.

This article was written by a staff member of TheStreet.com.