Citigroup restructuring investment banking operations

NEW YORK: Citigroup Inc is restructuring its operations with a view to channelise investment in the energy, power and chemical sectors, according to a media report.

Citing a memo the bank sent to employees on Friday, The Wall Street Journal reported that Citi is splitting its energy and power businesses into two separate portfolios, while chemicals will now fall under its global industrials group.

As part of the reorganisation plan, Joe Sauvage and Nick McKee will become co-heads of global power, while Steve Trauber, who was hired from UBS last year, has been designated as Citi's global head of energy, the report noted.

In addition, Mark Shafir, Citi's global head of mergers and acquisitions (M&A) has been named co-head of the bank's global technology, media and telecommunications group (TMT), it added.

Shafir, who has more than 20 years of experience in the technology sector, will share the role with Ben Druskin, Ray McGuire, Citi's global head of investment banking. Shafir was chairman and co-head of M&A at Lehman Brothers before leaving for Citi in 2008.

Citi has also announced other personnel changes in its TMT group. Eric Medow, who was co-head of its North America communications group, has now been named global head of telecom.

Furthermore, Dan Richards, who was the other co-head of the communications group, will become global head of media, while Ketan Mehta will be the global head of Citibank's TMT M&A business.