Citicorp and Travelers Pick a President

Citicorp and Travelers Group Inc. named James Dimon president of the planned $70-billion merger of the bank and insurer, putting him on track to lead the world’s biggest financial services company. Dimon, 42, will be president of the combined company, Citigroup, which will be based in New York. He will remain chairman and chief executive of Salomon Smith Barney Inc., the company’s securities unit. The companies named several other executives, dividing the top jobs between an executive from Citicorp and one from Travelers in most business areas. Citicorp’s William Campbell and Travelers’ Robert Lipp will be co-chief executives of global consumer operations at Citigroup, for example. On the NYSE, Citicorp shares fell $1.69 to close at $148, while Travelers fell $1.25 to close at $59.88.