September 6, 2018 / 10:29 AM / 2 years ago

Citigroup to overhaul its investment bank

People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo

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

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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