'A more comprehensive coverage model': Read the memo Citigroup sent to employees about its investment banking overhaul

Citigroup sent a memo to employees on Thursday, confirming a Business Insider story from last night announcing a restructuring of its investment banking operations as it seeks to grab more wallet share in one of Wall Street’s most high-profile businesses.

The firm will combine its corporate and investment bank with capital markets origination, a move that will involve the reshuffling of key senior executives, according to the memo. Tyler Dickson, 51, currently the global head of capital markets origination, and Manolo Falco, 54, head of Citi’s corporate and investment bank in Europe, the Middle East, and Africa, will jointly run the combined unit. Ray McGuire, the global head of corporate and investment banking for the last 13 years, will take on a new role as chairman of the unit, and vice chair for the entire company, according to the memo. The move frees McGuire, 61, to spend more time with clients as one of Citigroup’s most senior investment bankers. He recently advised Time Warner on its sale to AT&T. Citi spokeswoman Danielle Romero-Apsilos declined to comment.

Here’s the full memo:

Message From Jamie Forese Our ambition is to Be the Best for our Clients, and we must ensure our operating model is capably designed to allow us to achieve this goal. With a view toward serving our banking clients with a more comprehensive coverage model, aligning our capital raising and advisory products more seamlessly, I have decided to combine our Corporate and Investment Banking (CIB) and Capital Markets Origination (CMO) divisions into one, creating a new unit to be called Banking, Capital Markets and Advisory (BCMA). I am pleased to announce the following leadership positions:

Ray McGuire will become Chairman of BCMA and a Vice Chairman of Citigroup. In his new role, he will report to me and will focus on managing senior global client relationships to deliver our global network and solutions across the Citi platform. He will work strategically with our senior leaders with respect to critical decisions affecting clients. Under his 13 year-leadership of the CIB, Citi has established itself as a trusted advisor to our global institutional clients, helping them to conceive, finance and execute some of the most complex, landmark transactions in recent history. He has led the CIB to increased revenue and wallet share growth, and he has attracted and cultivated some of the industry’s most effective talent from Analysts to Managing Directors.

Tyler Dickson and Manolo Falco will become global co-heads of BCMA, reporting to me. Tyler has contributed to Citi for over 29 years and has run Capital Markets Origination globally since the group’s inception in 2008. Over the past decade, CMO has expanded its breadth and depth of products and capabilities and is recognised as one of the world’s leaders in loan, bond, and equity underwriting, structured solutions, and agency and trust services. Manolo has been with Citi for 20 years and has been Head of CIB Iberia and CCO for Spain. Since 2009, he has led our EMEA CIB franchise. In that period, EMEA CIB has achieved continued growth in revenues and operating efficiency, and for the last three years has increased wallet share in the region.

Over the coming months, we will be announcing additional appointments to the leadership of BCMA as we further integrate the legacy CIB and CMO businesses. Through the remainder of the year, Ray will work closely with Tyler and Manolo to ensure an organised transition to our new model, and to ensure we sustain continuity to our recruiting, promotion, compensation and budgeting processes.

Please join me in congratulating Ray, Tyler and Manolo on their new roles as they continue to build upon our success and deliver on our unwavering commitment to provide the highest quality service to our clients.

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