Ex Citi exec Thomson says he was smeared

By Dan Wilchins

NEW YORK (Reuters) - Former Citigroup (C.N: Quote, Profile, Research, Stock Buzz) wealth management head Todd Thomson says he was smeared.

Citi said in January that Thomson was leaving "to pursue other interests." But press reports, including the New York Times and the Wall Street Journal, said he was kicked out because of his extravagance with company funds and questions about his judgment.

Thomson was quiet at the time, but in his first major public statement since being let go, he said his performance at Citi is unimpeachable, and suspects rumors to the contrary came from former Citi Chief Executive Charles Prince himself.

"I was the only business that had expense growth less than revenue growth. I was Sandy (Weill)'s CFO for four-and-a-half years. You think I somehow lost my cost management capabilities? This is insane," Thomson said at the Reuters Finance Summit in New York on Tuesday.

A spokesman for Citi said that allegations that Prince was spreading rumors regarding Thomson are "utterly and entirely false." A call to Prince's office was forwarded to a Citi spokesman.

Sandy Weill, the architect of Citigroup known for relentless cost cutting, hired Thomson from General Electric Co. (GE.N: Quote, Profile, Research, Stock Buzz) in 1998 and by 2000 Thomson was chief financial officer. In 2004, Thomson swapped positions with Sallie Krawcheck, who had been head of wealth management.

Thomson's career at Citi came to a halt earlier this year when he left amid press reports of extravagance on his watch. The Wall Street Journal wrote that Thomson had developed a "reputation inside the company as a free spender," and his Citigroup office on 7th Avenue in midtown Manhattan was known as the "Todd Mahal."

When asked about the office space, Thomson said the office space in midtown actually saved Citi money -- it cost $44 a square foot, compared to about $80 a square foot at Citi's headquarters on Park Avenue.  Continued...