Citigroup merges two of its units to establish a much better organizational unit.
Citigroup Inc., an American multinational investment bank and financial services corporation was formed in the year 1998- which was the result of the merger between Citicorp and Travelers Group Inc. Currently, it is headquartered in New York City and run by CEO Mike Corbat – since 2012.
Jamie Forese, President and head of the Institutional Clients Group of Citigroup stated that the company is fixing the investment bank of its organization. To do so, Citigroup is combining its investment bank and corporate with its capital markets organization business.
Citi’s CIB division is being merged with their CMO unit. The merging is to help their clients boost their debt and equity. The combination of the two will be called Banking, Capital Market and Advisory, which will be run by Tyler Dickson, head of CMO business, together with Manolo Falco, the head of Corporate and Investment Banking EMEA unit.
According to a memo, Ray Maguire, the company’s global head of CIB, becomes the chairman of the new unit and will also sit as vice-chairman of Citigroup.
According to President Forese, the bank will announce more appointments in the new banking, capital markets and advisory division in the coming months.