Citi Forms Alternative Asset Group In Its Investment Banking Unit
In a significant development, Citigroup has reorganised its investment banking division globally by forming an Alternative Asset Group within the arm. The new unit will bring together groups servicing private equity and infrastructure funds, the bank said in an internal memorandum sent to its employees on Tuesday. The new Alternative Asset Group will be led by Chad Leat, a vice chairman in Citi’s investment bank, as chairman and Brad Coleman, the head of the U.S. financial entrepreneurs group, as global head. (Read the full memo here).
The restructuring is part of measures taken by CEO Vikram Pandit to stay fit. He has been facing from shareholders to cut costs, sell poorly performing businesses, or even break up the largest US bank.
