September 6, 2018 / 10:17 AM / 15 days ago

Citigroup to overhaul its investment bank

(Reuters) - Citigroup Inc (C.N) is set to restructure its investment banking operations and merge it with the bank’s capital markets origination unit, according to an internal memo.

FILE PHOTO - The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

The restructuring will also involve top executives taking on new roles.

Ray McGuire, the global head of corporate and investment banking, will chair the new merged unit, which will be called banking, capital markets and advisory.

In addition to McGuire’s appointment, the bank also named Tyler Dickson and Manolo Falco the global co-heads of the new unit.

Citigroup on Tuesday said its Chief Financial Officer John Gerspach will retire from his role in March, and will be replaced by the CFO of institutional clients Mark Mason.

Reporting by Bharath Manjesh in Bengaluru; Editing by Maju Samuel and Shounak Dasgupta

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