It started in earnest in September 2018, Citigroup. Unlike most rivals across Wall Street, Citi had long had separate divisions for capital markets — raising debt and equity for corporations — and strategic advisory work on mergers and acquisitions and other deals.
The reorganization merged those two groups under one roof called Banking, Capital Markets, and Advisory, with the notion that it would create a simpler structure and foster closer collaboration between bankers. It's just one of anascending the industry investment-banking league table s, and while it has grown revenues — they hit $5.2 billion in 2019, up 15% from 2015, according to public filings — the bank has been lodged firmly in the No. 5 spot in global investment banking market share for several years, according to Dealogic.
Along with the reorg came changes in the power structure. BCMA leadership was tasked to Tyler Dickson, previously the US-based global head of capital markets origination, and Manolo Falco, the European-based head of corporate and investment banking. Ray McGuire, the global investment banking head for 13 years, shifted to a chairman role and continues to manage relationships with top corporate clients.
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Citigroup's power comes from having been bailed out by the power of the American taxpayer. But go on, sing the praises of the Empire of Nothing.
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