- Over the past two years, Citigroup has given its investment-division an overhaul — reorganizing its structure and appointing new leaders.
- Business Insider identified and mapped out 40 of the most powerful people in the bank's new-look Banking, Capital Markets, and Advisory group, which produced $5.2 billion in revenues in 2019.
- To report this project, Business Insider spoke with insiders, consultants, and other industry experts.
- Click here for more BI Prime stories.
Over the past two years, Citigroup's investment-banking group has undergone a major face-lift.
It started in earnest in September 2018, Citigroup overhauled its investment-banking operations. Unlike most rivals across Wall Street, Citi had long had separate divisions for capital markets — raising debt and equity for corporations — and strategic advisory work on mergers and acquisitions and other deals.
The reorganization merged those two groups under one roof called Banking, Capital Markets, and Advisory, with the notion that it would create a simpler structure and foster closer collaboration between bankers. It's just one of an array of divisional face-lifts Citi has undertaken in the past two years.
Citi has for years had ambitions of ascending the industry investment-banking league tables, and while it has grown revenues — they hit $5.2 billion in 2019, up 15% from 2015, according to public filings — the bank has been lodged firmly in the No. 5 spot in global investment banking market share for several years, according to Dealogic.
Citi's investment bank produced $4.5 billion in revenues in the first three quarters of 2020, a 16% uptick over the same period in 2019, thanks in large part to stellar capital markets performance.
Along with the reorg came changes in the power structure. BCMA leadership was tasked to Tyler Dickson, previously the US-based global head of capital markets origination, and Manolo Falco, the European-based head of corporate and investment banking.
Other changes have followed since the inception of BCMA. New debt capital markets and regional heads were named several months later, and in 2019, new global coheads of equity capital markets were appointed.
A little over a year ago, Jamie Forese resigned his role as chief of the Institutional Client Group — the broader division that BCMA sits under — and global markets head Paco Ybarra succeeded him.
In its quest to grow market share, the firm has also made some splashy outside hires — including adding a trio of senior Deutsche Bank dealmakers as well as several from Goldman Sachs last summer. They've also created new groups from within, including their sustainability and corporate transitions team, which was launched in May to help clients execute their ESG goals.
Most recently, Ray McGuire, who ran the global investment banking unit for 13 years and shifted to a chairman role after the formation of BCMA, left the company. In October his long-rumored bid to run for New York City became reality, and he resigned to formally pursue his candidacy.
Business Insider has mapped out the power structure in the Citigroup's investment bank, capturing all the fresh faces that have been ushered into top roles.
We spoke with insiders, consultants, and other industry experts to gain insight into the reporting structure within the new-look division. We've focused on front-office execs that bear the primary responsibility for driving the group's revenue — no back-office roles appear in our chart. We'll continue to update this post as changes in leadership emerge.
Citigroup declined to comment.
Read on to check out our organizational chart featuring 40 of the most powerful people leading Citigroup's Banking, Capital Markets, and Advisory group.
To see more leaders within a particular group, click the "division leadership" buttons.
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