Forese aims high with CIB rejig at Citi
Citi is mostly playing catch-up with its new corporate and investment banking (CIB) structure: it makes obvious sense, but despite coming later than many rivals it is still a work in progress.
Jamie Forese, the head of Citi’s sprawling institutional clients group, this week elevated two of his key lieutenants to co-head a newly formed banking, capital markets and advisory (BCMA) division.
The move, in which capital markets origination (CMO) head Tyler Dickson joins EMEA CIB head Manolo Falco at the top of the new unit, also sees global CIB head Ray McGuire shift to be chairman of BCMA, focusing on senior client relationships.
In the pantheon of divisional reorganizations at banks, Citi’s latest change fits into the category of the entirely logical rather than the downright odd. There is little good reason these days to have capital markets split out from investment banking – doing so in fact goes against the way in which most big banks, including Citi, claim to approach clients.
In a memo announcing the changes, Forese referenced the bank’s slogan to ‘be the best for our clients’. That gets a lot of airtime within Citi – CEO Mike Corbat even gives the phrase pride of place in the opening paragraph of the bank’s code of conduct.