Citi has eliminated its head of Securities & Banking and the head of Transaction Services positions within the Institutional Clients Group (ICG) in a move to simplify its management structure, according to sources close to the matter.
The changes, the first since Jamie Forese was named CEO of ICG in January, eliminates a layer of management, intended to make Securities and Fund Services (SFS) and Treasury and Trade Solutions (TTS) better integrated with the other ICG businesses, according to the sources.
Securities and Fund Services (SFS), headed by Neeraj Sahai, and Treasury and Trade Solutions (TTS), headed by Naveed Sultan, will report directly to Forese. The new structure elevates Sultan and Sahai further in the ICG structure alongside the heads of banking, markets.
Forese previously held the title of head of Securities & Banking before taking over from John Havens, the former CEO of ICG, who resigned as part of the bank-wide restructuring late last year.
The position of Francessco Vanni d’Archiriafi, who has lead Citi’s Transaction Services businesses for the past four years, will also be eliminated, say sources. While his role is unclear, it is understood Vanni d’Archiriafi will continue to work with Forese to facilitate the transition of SFS and TTS.
Rajesh Mehta and Sanjiv Sawhney will lead EMEA Treasury & Trade Solutions and Securities & Fund Services, respectively.
The changes to the management structure are expected to be completed within a 30-day transition period.