The restructuring will also include significant changes to the leadership team. Corporate and investment banking head Ray McGuire will take the reins of the new unit, which will have Manolo Falco and Tyler Dickson as global co-heads. McGuire will also assume the role of the group’s vice-chairman.
Ray McGuire will lead the new unit, which will have Manolo Falco and Tyler Dickson as global co-heads
Citigroup’s chief financial officer John Gerspach will be retiring early next year, to be succeeded by Mark Mason who currently serves as chief financial officer of institutional clients. Mason had played a key role in reorganizing the company through strategic initiatives after the financial crisis, working closely with the CEO.
The other executive changes announced by the bank recently include the departure of Jim Cowles as CEO of EMEA operations and Bill Mills as CEO of North American operations. Earlier, cards and consumer services chief Jud Linville left the company.
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The New York-based bank has been exploring ways to regain the lost strength, with focus on scrapping its many secondary businesses and scaling back assets worth several million dollars. Recently, Citi rejigged its sprawling consumer banking business in the US by combining the credit-card business and wealth and retail units.
Of late, bank stocks have been under pressure from muted yield and softness in lending. Citigroup shares dropped about 4% since the beginning of the year, after reaching a post-recession peak in January. The stock traded lower in the early trading hours Thursday.
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