According to the source, the separate management structures for the banks securities and banking (S&B) and transaction services units will be removed.
This will eliminate a layer of management which, it is hoped, will enable the banks securities and fund services (SFS) and treasury and trade solutions (TTS) units to be integrated more effectively with other businesses within the ICG, leading to a more efficient operating model.
Michael Corbat, CEO of Citi
James Forese, who previously held the role of head of the banks S&B unit, was promoted to the position of CEO of ICG after the departure of John Havens in January. He was also appointed co-president of Citi together with Manuel Medina-Mora.
The appointments were made by Michael Corbat, CEO of Citi, who moved into his current role in October 2012, replacing Vikram Pandit.
Forese has decided not to appoint a successor into his previous role in S&B, and in addition will eliminate the role of head of ICG transaction services, held by Francesco Vanni dArchirafi, according to the source.
Vanni dArchirafi is said to be helping Forese with the transition and is subsequently expected to take on a new role within the organization.
After the restructuring, SFS and TTS will report directly to Forese, headed by Neeraj Sahai and Naveed Sultan respectively. It is also rumoured that Rajesh Mehta and Sanjiv Sawhney will be appointed to lead EMEA TTS and SFS respectively.
As a result of the changes, ICGs management structure will now include the following business lines:
Capital markets origination
Corporate and investment banking
Securities and fund services
Treasury and trade solutions
The bank does not expect the changes to impact on its product offering or geographical footprint, according to the person familiar with the matter. The transition period is expected to be 30 days.