NYSE chief plans long-lasting change

FORMER Citigroup executive John Reed has given his first interview since being chosen to take over as interim chief of the New York Stock Exchange following the departure of chairman Richard Grasso.

Speaking from his home in France, Reed told Bloomberg he planned to move quickly and make long-lasting changes. 'What the NYSE needs is, first, to have a chief in place; a lot of people are nervous,' he added. 'Second, it's important to know what has been going on, to talk with the board, the employees, to get to know the truth. And third, there are necessary changes to be made because there was a break of corporate governance.'