Citigroup mixes equity and debt units

Citigroup Inc. today shook up its investment banking unit, shifting the co-heads of the credit markets group, published reports said.
Chad Leat and Mark Watson, who together led the global credit markets group, have been moved to other posts, The Wall Street Journal said.
Mr. Leat will take on a senior role advising clients and oversee the New York-based firm’s leveraged finance loan pipeline.
Meanwhile, Mr. Watson will assist on transactional issues before moving to a new post.
The firm will also combine its equity capital markets and fixed income capital markets to create the capital markets origination group, the Journal said.
Tyler Dickson, head of equity capital markets, will lead the newly formed group.
Citigroup is also blending sales and client management functions in the equities, fixed income, currencies and commodities sectors, forming the investor client group, Reuters said. Antonio Cacorino and Jim O’Donnell will lead the group.
The announcements were made in an internal memo from James Forese, co-chief executive of markets and banking, and later confirmed by Citigroup, Reuters said.
“We have decided to adopt a model that will more closely align our origination and sales functions across traditional product categories,” Mr. Forese said in the note.