Citigroup

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(Adds Kellys career history in the sixth paragraph.)

By Michael J. Moore and Bradley Keoun

April 19 (Bloomberg) -- Citigroup Inc. Vice Chairman Edward Ned Kelly will become chairman of the firms investment- banking division, rejoining the unit he headed until last year.

Citigroup, 27 percent owned by the government, reported first-quarter net income of $4.43 billion today, more than double a year earlier, as bad-loan costs declined. Revenue from the securities and banking unit, which contains the global- banking division, more than doubled from the fourth quarter to $8 billion.

Kelly, 56, a former JPMorgan Chase & Co. investment banker, joined New York-based Citigroup in February 2008. He was head of global banking before becoming CFO and has negotiated some of Citigroups biggest transactions, including the sale to Morgan Stanley of majority control of the Smith Barney brokerage division, completed in May 2009.

The global-banking division includes the mergers and acquisition advisory practice as well as equity and debt underwriting, according to the banks Web site. Raymond McGuire will remain head of investment banking, according to the memo.

Prior to Citigroup, Kelly was at Carlyle Group, the private-equity firm, which he joined in 2007. He was previously vice chairman of Pittsburgh-based PNC Financial Services Group Inc. following PNCs purchase of Mercantile Bankshares Corp., where he was CEO from March 2001 through March 2007. Kelly also held senior investment-banking positions at what is now JPMorgan and was a partner at the New York law firm of Davis Polk & Wardwell.

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