Grundhofer resignation from Citigroup: Where there was smoke there was no fire!

Jerry Grundhofer resigns from Citigroup!

In an article last week the question was asked about whether a high-level resignation at Citigroup was an indication of some new crisis at the bank that was about to be disclosed.

Jerry Grundhofer, a Citibank director and the head of risk management abruptly resigned with the accompanying press release providing the vague, yet commonly used, reason of a desire to pursue other interests.

It turns out that indeed Mr. Grundhofer had significant opportunities as he was announced as the non-executive Chaiman of the Board of Santander Holdings USA.

As a former trader these types of resignations were often the harbinger of greater issues to come, but in this case Jerry Grundhofer merely moved on to greener pastures.

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