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Citigroup Overhauls Its Investment Bank, Again

September 6, 2018

by Howard Haykin


See if the following sounds familiar... 


‘Citigroup CEO Corbat Says Bank Has Finished Its Restructuring’.    Mike Corbat has declared mission accomplished. The Citigroup Inc. chief executive officer took to the stage at the bank’s annual meeting in New York Tuesday and said the company has finished the restructuring that began more than five years ago.
“Our model is the right one at the right time,” Corbat, 56, said.
Corbat, who ran the portfolio of assets the bank was selling prior to getting the CEO job in 2012, has shrunk those holdings from more than $800 billion shortly after the financial crisis to $54 billion at the end of last year.
Still, the bank failed to meet its financial targets last year, raising concern from shareholders, investors and Wall Street analyst Michael Mayo, who asked Tuesday at the meeting whether more should be done. [Emphasis provided by Financialish.]


If the captioned account sounds familiar, congratulations - you’ve got a great memory. It appeared in’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.