Citigroup combined two of its Wall Street businesses to better compete for lucrative advisory and capital markets deals.



The New York-based company merged its corporate and investment bank with its capital markets origination business and named a pair of veterans, Tyler Dickson and Manolo Falco, to run the new division, according to a Thursday memo from Citigroup President Jamie Forese.



Citigroup, run by Chief Executive Officer Mike Corbat since 2012, appears to be in the throes of a management overhaul. These are common on Wall Street when executives are shuffled or depart to make way for younger managers. The investment bank overhaul comes days after the firm said longtime Chief Financial Officer John Gerspach and a pair of regional heads were leaving the company.



As part of the most recent announcement, Ray McGuire, who was global head of corporate and investment banking and led the division for 13 years, will become vice chairman of Citigroup and chairman of the new business, according to the memo.



"In his new role, he will report to me and will focus on managing senior global client relationships to deliver our global network and solutions across the Citi platform," Forese said.



Dickson, who has worked at Citi for nearly three decades, previously ran the capital markets origination business, which helps corporate clients issue stocks and bonds. Falco, a 20-year veteran, ran the corporate and investment bank in the Europe, Middle East and Africa region. Business Insider first reported the news.



The bank will announce more appointments in the new banking, capital markets and advisory division in the coming months, Forese said.

The larger group that contains this new division, called the institutional clients group, also has separate businesses for trading, treasury services and wealth management.