Struggling U.S. financial firm Citigroup Inc. has named former Time Warner chairman Richard Parsons to serve as its next chairman. Parsons will replace chairman Winfried Bischoff on Feb.

U.S.

Citigroup Inc. said it sharply trimmed its executive bonuses for 2008 in keeping with agreements made when it accepted $45 billion from the US government.

Just over a month ago, when Citigroup (C) began its search for a new chief executive, even Robert Rubin, the former Treasury Secretary and Citi board member, struggled a bit to explain [BusinessWeek.com, 11/6/07] what characteristics the next leader should possess.

By Stephen Foleyin New York After a month-long trawl of the global finance industry to replace its ousted chairman and chief executive Chuck Prince, Citigroup has plumped for two of its own to lead the banking conglomerate.