NEW YORK Jan 25 Citigroup Inc has
combined its U.S. leveraged finance and syndication teams to
improve its coverage of clients and capitalize on synergies, the
bank said in a memo to employees.
The move follows the successful model the bank has
implemented in investment grade debt and equity capital markets,
according to the memo, which was sent to Citi employees on
Thursday and relayed to Reuters by a person familiar with the
matter on Friday.
The merger of the leveraged finance and loan syndication
teams is not expected to result in any job cuts, the person
Citi declined to comment.
In the memo, Citi said Tom Cole and John McAuley will be
co-heads of U.S. leveraged finance and Barbara Matas will be
chairperson of U.S. leveraged finance, effective immediately.
They will report to John Chirico and Richard Zogheb,
co-heads of capital markets origination for the Americas.
Citigroup's new chief executive, Mike Corbat, has promised
investors the third-largest U.S. bank will do a better job
delivering value for shareholders during his tenure, after the
board abruptly ousted his predecessor, Vikram Pandit, in
Bloomberg News reported on the merger of the leveraged
finance and loan syndication units earlier on Friday.