Heir Unapparent

1 minute read

“Rick’s great contribution was to the growth of our consumer business.” Thus spake Citicorp chairman John Reed in a statement last week that praised Citicorp president Richard S. Braddock — and announced his resignation. “It’s a real mystery to the banking community,” says Kevin Timmons, senior banking analyst for First Albany. “You could make a case that blame is being assessed here for Citibank’s problems, but I don’t see where he bears a significant portion of it.” In fact, Braddock may have simply recognized that he was not likely to assume Reed’s top spot.

More Must-Reads from TIME

Contact us at letters@time.com