The silhouette of a pedestrian holding a mobile device is seen walking past a Citigroup bank branch in San Francisco.

Citigroup is set to announce a restructuring of its investment banking operations and top executives are taking on new roles, Business Insider reported on Thursday, citing people familiar with the matter.

Citigroup will combine its corporate and investment bank with its capital markets origination business, the financial news website reported.

Ray McGuire, the global head of corporate and investment banking, will take on a new role as vice chair of Citigroup, the report said.

The bank was not immediately available for comment.

Read the Business Insider report here.