Citigroup has moved to make its structured corporate finance businesses part of the fixed-income capital markets group, according to an internal memo obtained by Reuters. The division has also recently cut around 60 positions in structured finance globally, a source familiar with the matter said. The restructuring is part of a wider drive by Citigroup to cut costs at its investment bank, which has already led to a number of job losses throughout the bank.
The asset finance group headed by Charles Quattrochi and the export and agency finance group led by Eli Hassine will become part of capital markets. Quattrochi and Hassine will report to Chad Leat and Marwan Marshi, global co-heads of fixed income capital markets.
The infrastructure and energy finance group will become part of global loans, the memo said. Global group head Chris Hasty will report to Mike Mauer, while the global capital structuring team under John Buckens will become part of capital markets products.
Buckens will report to Nazareth Festekjian.
The memo said Citigroup believed the restructuring, which happened in mid February, would provide growth opportunities.
Citigroup declined to comment.