Citigroup (C) is combining its leveraged finance origination and syndication businesses in the U.S., according to two people with knowledge of the matter.

The new unit will be managed by Tom Cole, co-head of leveraged finance, and John McAuley, who formerly headed the high-yield debt distribution group for North America at the third-biggest U.S. lender, said the people, who asked not to be identified because the changes haven't been announced publicly.

Robert Julavits, a Citigroup spokesman, declined to comment.

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