Citigroup promotes Dickson, Falco in investment banking revamp
Citigroup promoted bankers Tyler Dickson and Manolo Falco to run a reconstructed version of its investment banking operations.
The new structure combines the lender's corporate and investment bank with its capital-markets origination business, New York-based Citigroup said Thursday in an internal memo. Ray McGuire, global head of corporate and investment banking, will take on a new role as the company's vice chairman, according to the memo.
Citigroup has been revamping its power structure over the past week. Chief Executive Officer Michael Corbat promoted a former deputy to oversee the bank's relations with Wall Street. Mark Mason, who worked directly under Corbat to free the firm of troubled businesses and assets in the aftermath of the financial crisis, will succeed Chief Financial Officer John Gerspach when he retires in March, the bank said Tuesday.
McGuire's duties included overseeing the advisory unit, which advises on mergers and acquisitions, while Dickson ran the division that arranges stock and bond sales for clients. Revenue from the combined businesses declined 9 percent to about $2.6 billion for the first half of the year. Falco was head of the corporate and investment bank in Europe, the Middle East and Africa.
Two other executives, North America head Bill Mills and Jim Cowles, who runs the bank's EMEA business, are also departing, with plans to leave at year-end, people familiar with the matter said.
Other U.S. banks have been revamping leadership as they plan for succession. Goldman Sachs said in July that David Solomon will become CEO in October, while JPMorgan Chase this year promoted Gordon Smith and Daniel Pinto to co-presidents under chief Jamie Dimon.