NEW YORK — Citigroup Inc. announced a major organizational shakeup, merging its investment banking and alternative investments units. In the process, Citigroup is losing one of its most highly regarded executives, Thomas Maheras.
The new unit will be headed by Vikram Pandit, who joined Citigroup earlier this year after the company bought his hedge fund, Citigroup Chief Executive Charles Prince said late Thursday. Beneath Pandit will be Michael Klein and James Forese, who will jointly run the investment banking business, and John Havens, who will run the alternatives business.
Maheras, who had been the co-head of investment banking in charge of capital markets and trading, is leaving the firm, Prince said.
Also leaving will be Randy Barker, one of Citigroup's co-heads of fixed-income trading. Barker's departure is a result of a poor third-quarter performance handed in by that division, which racked up about $600 million in losses, according to a person familiar with the matter.
