Citigroup Inc. is reorganizing its investment bank, forming an "alternative asset group" to bring together its groups' servicing private equity and infrastructure funds.
Chad Leat is taking over as chairman of the alternative asset group, while Brad Coleman will lead as chief executive. These two will replace Kamal Tabet, who is head of the unit that advises private equity firms and is on sabbatical for the rest of the year, and John Burnham, who is retiring.
The restructuring no doubt is due to pressure CEO Vikram Pandit has been facing from shareholders to slash costs, divest poorly performing businesses and perhaps even break up the largest U.S. bank.
Last week Citigroup divested CitiStreet LLC, a joint venture with State Street Corp. It was acquired by Dutch insurer, ING Groep NV for $903 million. More changes are expected to come in the following weeks. - Maria Woehr
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