Citigroup’s Vikram Pandit, elevated as the company’s top investment banker three weeks ago, unveiled a new management structure designed to improve returns and retain key employees.
The changes, announced Friday in a memorandum to employees, are among Mr Pandit’s first steps to rally a division still reeling from the credit market’s meltdown, Citi’s foundering share price and the departure of one of its most highly regarded executives, Tom Maheras.
“For us to realise our full potential, we have to tackle some immediate priorities and navigate successfully through some extraordinarily challenging market conditions,” wrote Mr Pandit, a former Morgan Stanley executive who joined Citi through the bank’s acquisition of Old Lane, a hedge fund.
Mr Pandit formed two committees to help run the bank’s Institutional Clients Group and named his six lieutenants: Michael Klein and Jamie Forese, co-chief executives of Citi Markets & Banking; John Havens, Citi Alternative Investments CEO; Bill Mills, investment-banking CEO in Europe, the Middle East and Africa; Bob Morse, who runs the division’s Asia-Pacific group; and Don Callahan, chief administrative officer.
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