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Citigroup Overhauls Its Investment Bank, Again
by Howard Haykin
See if the following sounds familiar...
If the captioned account sounds familiar, congratulations - you’ve got a great memory. It appeared in Bloomberg.com’s account of Citigroup’s annual meeting held April 25, 2017.
Particularly noteworthy was the last sentence (which I highlighted) – the one that questioned whether the bank – after 5 years of restructuring – had, in fact, gone far enough. WE NOW KNOW CITIGROUP HAD NOT.
Today, September 6, 2018, Citigroup President Jamie Forese issued a memo announcing that the firm is merging its corporate and investment bank with its capital markets origination businesses.
The firm went on to say that a pair of veterans, Tyler Dickson and Manolo Falco, had been named to run the new division. Further, Ray McGuire, who was global head of corporate and investment banking and led the division for 13 years, will become vice chairman of Citigroup and chairman of the new business. This latest overhaul of the investment bank comes days after the firm said longtime CFO John Gerspach and a pair of regional heads were leaving the company.
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