Citigroup Chief Executive Michael Corbat is reorganizing the bank's top ranks for the first time since taking over in October, promoting several longtime senior executives and splitting up the bank's operations and technology unit.

The biggest winners in Corbat's shuffle are Jamie Forese and Manuel Medina-Mora, who will become co-presidents of Citigroup and report directly to Corbat. Both men were once considered in the running to eventually succeed former CEO Vikram Pandit, who was abruptly replaced with Corbat in October. Forese will oversee all of Citigroup's institutional banking operations, while Medina-Mora will continue to run all of the global consumer banking operations and its Mexican unit.

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