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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
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.