Citi Rejiggering Distressed Debt Group
New format will have customer-focused distressed sales and trading business and a private investment business.
June 27, 2008
Citigroup on Friday announced changes to its distressed debt group that have some professionals leaving the firm, the latest in a series of moves by the banking giant to right its business.
"We have decided to restructure our global special situations group in order to maximize the significant opportunities in the global distressed sector," a spokeswoman with Citigroup told IDD.
The changes have the bank focusing on two areas: a customer-focused distressed sales and trading business, to be led by Carl Meyer, and a private investment business which will be run by John Peruzzi.
Meyer and Peruzzi will report to Carey Lathrop, head of Citi's global credit trading. All are based out of New York.
Jeff Jacob, John Humphrey and several others from the global special situations group will leave Citi to pursue an independent venture. A report on Bloomberg has them starting a hedge fund.
Jacob will remain at Citi over the summer to ensure an orderly transition of the business.
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