Citi ICG streamlines transaction services management

Citi ICG streamlines transaction services management

Citi is planning to streamline the structure of its Institutional Clients Group (ICG) by ditching the management positions overlooking its transaction services and securities and banking units.

In January John Havens resigned as ICG CEO and was replaced by James Forese, who had up until that point acted as head of its securities and banking unit.

According to people close to the matter, Forese has decided not to replace himself with a new head of securities and banking.

In addition, the role of head of ICG transaction services - which provides cash management, treasury and trade service - is also expected to be eliminated. Current boss Francesco Vanni d'Archirafi will move on to another part of the company.

With a layer of management stripped away, ICG securities and fund services, headed by Neeraj Sahai, and treasury and trade solutions, led by Naveed Sultan, will instead report directly to Forese.

Although positions are being axed, it is understood that no individuals will leave the bank, nor will there be any change to the product offering or geographic footprint of the business.

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