Citigroup may revamp investment banking
Group to promote two bankers to run reconstructed operations
LONDON: Citigroup Inc is planning to promote bankers Tyler Dickson and Manolo Falco to run a reconstructed version of its investment banking operations, people familiar with the plan said.
The lender would likely combine its corporate and investment bank with its capital markets origination business, the people said, declining to be identified as the details are private.
Ray McGuire, global head of corporate and investment banking, would take on a new role as a vice-chairman at Citigroup, the people said.
Citigroup has been re-jigging its power structure over the past week. chief executive officer Michael Corbat promoted a former deputy to oversee the bank’s relations with Wall Street.
Mark Mason, who worked directly under Corbat to free the firm of troubled businesses and assets in the aftermath of the financial crisis, would succeed chief financial officer John Gerspach when he retired in March, the bank said on Tuesday.
McGuire’s duties included overseeing the advisory unit, which advises on mergers and acquisitions, while Dickson runs the division that arranges stock and bond sales for clients.
Revenue from the combined businesses declined 9% to about US$2.6bil for the first half of the year. Falco is currently head of the corporate and investment bank in Europe, the Middle East and Africa (EMEA).
Business Insider reported the moves at Citigroup earlier.
Two other executives, North America head Bill Mills and Jim Cowles, who runs the bank’s EMEA business, are also departing, with plans to leave at year-end.
Other US banks have been revamping leadership as they plan for succession. Goldman Sachs Group Inc said in July that David Solomon would become CEO in October, while JPMorgan Chase & Co this year promoted Gordon Smith and Daniel Pinto to co-presidents under chief Jamie Dimon.