Citigroup is eliminating two senior positions in its Institutional Clients Group as part of an effort to streamline the company's management ranks, according to a person familiar with the plan.
The Wall Street Journal reports that the move is the first reorganization of the group since James Forese was named chief executive of the unit earlier this year. Forese, who is also a co-president of Citigroup, replaced John Havens, who resigned as part of a management shake-up last year that also saw the exit of Vikram Pandit, the company's former chief executive.
Under Forese's plan, there no longer will be a head of securities and banking, a post that Forese had held until his elevation to his new position. Also expected to go is the head of transaction services, currently occupied by Francesco Vanni d'Archirafi.
In the meantime, Reuters reports that Bank of America Merrill Lynch has appointed former Goldman Sachs partner Luigi Rizzo as head of M&A for Europe, the Middle East and Africa (EMEA), it said on Wednesday.
Rizzo, who will join the bank in August, will be based in London and report to Adrian Mee, head of international M&A.
And Bloomberg reports that Morgan Stanley’s Alex Glantz and Todd Davison, co-heads of media investment banking in North America, are among at least four bankers to leave the firm since bonuses were awarded in late February, people briefed on the matter said.
Glantz, 42, and Davison, 41, will join Centerview Partners LLC, the investment bank founded by Blair Effron and Robert Pruzan, said two people, asking to remain anonymous because the moves aren’t public.
Brian Silver, a managing director in the health-care banking group, also left for Perella Weinberg Partners LP, two people said. The trio have yet to begin their new jobs as they’re on garden leave, the period workers must wait before joining competitors.
Citigroup to Cut Senior Posts in Streamlining (subscriber content)