Dauphin's last sigh

12 October 2007 By Rob Cox Follow @rob1cox

By putting Vikram Pandit in charge of the investment bank, and letting markets boss Tommy Maheras go, Citi s beleaguered boss has served some fresh meat to investors baying for blood. But make no mistake: Prince still faces a threat to his throne.

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Citigroup said it will merge its investment bank with its alternative assets division, placing the latter's chief, Vikram Pandit, in charge of the entire group. As a result, Tom Maheras, cohead of the investment bank with Michael Klein, will leave the bank.

Klein will continue as cochief of Markets & Banking alongside James Forese. John Havens was named President and Chief Executive Officer of the alternative assets group.

This new operating structure will enable us to continue to use our capital actively but in a more efficient way, keep moving towards higher margin businesses, continue to diversify our sources of business, and employ world class talent that has a relentless focus on serving our clients. We have made substantial progress towards these goals. Vikram Pandit is the right person to lead our effort to accelerate that progress, said Charles Prince, Chairman and CEO.

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