Citigroup Inc. named Tyler Dickson sole head of investment banking as his longtime co-head, Manolo Falcó, was named vice chairman, part of a broad restructuring of the bank’s top executives.
(Bloomberg) — Citigroup Inc. named Tyler Dickson sole head of investment banking as his longtime co-head, Manolo Falcó, was named vice chairman, part of a broad restructuring of the bank’s top executives.
Falcó will move to the firm’s newly created client organization and oversee senior client coverage, according to a person familiar with the matter. He will continue to provide advice to Dickson on investment-banking matters in his new role as vice chairman of client and banking, the person said, asking not to be identified discussing personnel information.
The moves are part of a sweeping reorganization under Chief Executive Officer Jane Fraser, who on Wednesday announced she would restructure the bank to focus on five main businesses. That means the company will scrap its longtime reliance on two core units, one focused on institutional clients and another that holds the firm’s consumer offerings.
One of those new businesses will be a banking division that’s led by Peter Babej on an interim basis, Fraser said in a memo to staff. That unit includes the investment bank as well as the corporate bank and commercial bank offerings, which are run by Jason Rekate and Tasnim Ghiawadwala, respectively.
Babej will retire from Citigroup next year, though Fraser said the bank plans to name a permanent replacement for him before he departs.
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