Citigroup is expected to announce an overhaul of its investment bank - and there's a big reshuffling at the top
- Citigroup is set to announce a restructuring of its investment banking operations and top execs are taking on new roles, according to people familiar with the matter.
- The firm will combine its corporate and investment bank with its capital markets origination business.
- Tyler Dickson, currently the global head of capital markets origination, and Manolo Falco, the head of Citi's corporate and investment bank in Europe, the Middle East, and Africa, will lead the new combined unit.
- Ray McGuire, the global head of corporate and investment banking, will take on a new role as vice chair of Citigroup, the people said.
Citigroup on Thursday is expected to announce a restructuring of its investment banking operations as it seeks to grab more wallet share in one of Wall Street's most high-profile businesses.
The firm is said to be combining its corporate and investment bank with capital markets origination, a move that will involve the reshuffling of key senior executives, according to people familiar with the matter.
Citi's new-look investment bank will be co-headed by Tyler Dickson, currently the global head of capital markets origination, and Manolo Falco, the head of Citi's corporate and investment bank in Europe, the Middle East, and Africa. Ray McGuire, the bank's current global head of corporate and investment banking, is taking on a new role as vice chair of Citigroup, the people said.
Citi spokeswoman Danielle Romero-Apsilos declined to comment.
The internal reorganization will mirror the set-up at top Wall Street competitors like Goldman Sachs, JPMorgan and Morgan Stanley, which combine the businesses of providing merger advice and helping companies raise equity or debt financing into a single unit.
Citi had been unique in having the operations separated, and the bank believes the new structure gives it a better opportunity going forward to take market share from top competitors in the more than $40 billion a year investment banking industry, according to a person familiar with the firm's thinking.
The moves are the latest in a string of recent changes at Citigroup. This week, the bank announced the departures of three long-time Citi execs: CFO John Gerspach; Jim Cowles, the CEO of the bank's operations in Europe, the Middle East, and Africa; and Bill Mills, the CEO of North American operations, who is also leaving at the end of this year.
And in August, Citi announced it was shaking up its $33 billion consumer banking business. Citi veterans Anand Selva and David Chubak took on new senior roles as part of the reorg, while Jud Linville, global head of cards and consumer services, left the firm.