Rick Ivers, head of leveraged-buyout lending at Citicorp, is leaving the bank because of a disagreement with management about the future direction of the business, sources said last week.

Described by friends as a "rainmaker" who generated a lot of business for Citi over the year departure is viewed as a blow to the bank.

A Citicorp spokeswoman confirmed the resignation, which she described as strictly voluntary.

"After about 10 years of working nonstop, he has decided to take a break," she said.

Pay Levels Cited

But one knowledgeable source said Mr. Ivers, 43, was dissatisfied with Citi's commitment to the LBO lending business, in terms of the resources it was willing to commit to it.

Part of Mr. Ivers' unhappiness was said to have been over compensation levels.

"My take is that management was much more willing to pay traders than corporate finance people, and that was a major area of disagreement between Ivers and the bank," said a former Citi executive.

Staying Through January

Mr. Ivers submitted his resignation around mid-December and will remain at Citi through the end of January to finish up a couple of deals, the spokeswoman said.

He apparently will not forfeit his yearend bonus, which is paid in January.

Mr. Ivers was on vacation last week and could not be reached for comment.

As head of loan origination for deal-firm clients, Mr. Ivers was Citicorp's principal link to Kohlberg Kravis, Roberts & Co. and other big-name LBO shops.

It's not clear where Citi will find a replacement.

"They have very limited choices internally to chose from," said the former Citicorp executive.

Broader Shifts Hinted

The Citicorp spokeswoman said the question of a successor probably would be addressed in January.

Another source outside the bank suggested that the Ivers resignation could be part of a broader reorganization Citibank, though others familiar with the situation said that is not the case.

Just last February, Citi completed a sweeping reorganizition of its North American corporate-finance division.

As part of that move, David Browning was appointed division executive of a new structured-finance group.

Mr. Ivers reported directly to Mr. Browning, who was also unavailable for comment.

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