FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/File Photo

(Reuters) - Citigroup Inc said on Monday it is combining its Foreign Exchange & Local Markets and G10 currencies businesses into one unit.

“We believe this more streamlined operating model will drive better client service, risk management and profitability,” the co-heads of the markets division, Carey Lathrop and Andy Morton, said in an internal email.

The groups already have similar product sets and share sales and technology resources, the email said.

The G10 Rates Finance Team will be separate from the new combined Rates and Currencies business.

The restructuring is the first major change under new Institutional Clients Group head Paco Ybarra. He took over the unit, which includes Citi’s investment bank, markets division, corporate bank and wealth management arm, after Jamie Forese announced his retirement earlier this year.