Citicorp circulated a memo Thursday saying that three of the five global product group heads after the merger with Travelers Group in would be from the banking company.

Citibank's Julian Simmonds would head foreign exchange and structured products, Jorge Bermudez cash management and trade finance, and Sandy Jaffee custody and clearing services, the memo said.

Tom Maheras of Travelers' Salomon Smith Barney unit would head fixed income, and Steven Black, former Smith Barney chief operating officer, was named head of equities and municipal bonds.

The memo said the five will report to James Dimon, a former Smith Barney chief; Deryck Maughan, former Salomon head; and Victor Menezes, former Citibank president.

Chad Leat of Salomon Smith Barney and Anne Lane, Citicorp's senior banker in for aviation, were named to head loan products, including leveraged loans. In an organizational change, their group would report to fixed income.

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