Troubled US banking giant Citigroup on Wednesday named as its new chairman Richard Parsons, a longtime top executive at media giant Time Warner, to steer it through its most challenging period.

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Parsons immediately pledged to revamp the bank as it moves to split into two business entities, amid retrenchments, massive losses and a deepening global financial crisis.

“One of my top priorities will be to ensure the board remains committed to strong, independent corporate governance — especially in today’s challenging economic conditions,” Parsons, 60, said in a statement.

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