Krawcheck's loses chance to run Citigroup

Rumors have a way of intimating truth on Wall Street. Recall that Sallie Krawcheck was said to be unhappy with her job as CFO of Citigroup. Well, now comes the official announcement that she will resign as CFO and basically take her old job. She'll become the chairman and CEO of Citigroup's global wealth management division, which includes Citigroup Private Bank, Smith Barney and Investment Research. This is hardly surprising, and it would be equally unsurprising if the next CFO's prime duty is expense reduction. For Krawcheck, the moves dashes any hope, most likely, of her ever becoming the chairman and CEO of Citigroup, which seemed so possible just a few years ago.

For more:
- here's an update from AP
- read more on Krawcheck here