A week after the departure of its chief executive, Citigroup is reorganizing its investment banking unit, combining equity and debt capital markets activities.

Citigroup, the product of a series of mergers, has been known for its inefficiencies and for its bankers at times working seemingly at cross-purposes.

In an internal memo, published on the New York Times' DealBook blog, James Forese, co-chief executive of markets and banking, explained the changes: "Going forward, we have decided to adopt a model that will more closely align our origination and sales functions across traditional product categories. By doing so, we will be better positioned to provide clients with the highest quality advice, the most innovative solutions, and the best execution."

The combined unit will be led by Tyler Dickson and will be known as capital markets origination. He will report to Forese.

Forese is the top lieutenant to Vikram Pandit, a widely respected banker formerly with Morgan Stanley, who took over investment banking last month.

Pandit is expected to make changes in the investment banking business, and today's move can be seen as the start of leaving his stamp on the unit. 

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