The bank has appointed Tyler Dickson, until now the head of equity, to run this new division, called capital markets origination. The combination belatedly follows the lead of the US brokers and abolishes the credit business line.
Dickson reports to Jamie Forese, who was made head of capital markets following the departure of Tom Maheras. This carves out all debt origination from fixed income, currencies and commodities. FICC was only created a year ago and was run by Randy Barker, Geoff Coley and Paco Ybarra, but now this is purely a products group run by Ybarra alone. Barker left the firm along with Maheras; Coley is still with the firm but Citi has yet to define a new role for him.
Forese has also realigned sales across traditional product lines. All sales and relationship management in all regions are now part of the investor client group (ICG) for equities and FICC. Antonio Cacorino and Jim O’Donnell co-head this group. Cacorino was co-head of investor sales and based in Europe, while O’Donnell is based in New York as global head of equities distribution.
Chad Leat and Mark Watson, the former co-heads of credit – the product line that suffered billion dollar write-downs in structured credit and leveraged loan risk – remain with the firm.