NEW YORK Eduardo Mestre was named chairman of the investment banking division of Salomon Smith Barney on Friday, a new position that takes him out of day-to-day management and returns his focus to client development.
The two chiefs of worldwide investment banking, Robert Morse and Michael Klein, will take over the management duties of the Citigroup unit, according to a memorandum from Michael Carpenter, chairman of Salomon Smith Barney, that was distributed to employees Friday morning. Mr. Morse and Mr. Klein will report to Mr. Carpenter. Mr. Mestre will continue to be vice chairman of Salomon Smith Barney and a member of its planning group.
Mr. Carpenter said in the memo that Mr. Mestre, 52, wanted to focus primarily on client relationships and transacting deals, and less on daily operational duties.