Citi restructuring investment banking ops

Citigroup Inc is restructuring its operations with a view to channelise investment in certain sectors.

Written by Agencies | New York | Published:January 30, 2011 2:11 pm

Citigroup Inc is restructuring its operations with a view to channelise investment in the energy,power and chemical sectors,according to a media report.

Citing a memo the bank sent to employees on Friday,The Wall Street Journal reported that Citi is splitting its energy and power businesses into two separate portfolios,while chemicals will now fall under its global industrials group.

As part of the reorganisation plan,Joe Sauvage and Nick McKee will become co-heads of global power,while Steve Trauber — who was hired from UBS last year — has been designated as Citi’s global head of energy,the report noted.

In addition,Mark Shafir,Citi’s global head of mergers and acquisitions (M&A) has been named co-head of the bank’s global technology,media and telecommunications group (TMT),it added.

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