Robert Morse, head of investment banking at Citigroup, has reshuffled senior management within the division at a time when many rivals are assessing how to improve their businesses in tough financial market conditions.

The changes will affect several parts of Citigroup, which earlier this week reported a 22% year-on-year rise in income in its global corporate and investment bank. Eduardo Mestre, in addition to his role as chairman of the global investment banking business, will become co-head of global coverage management alongside Panfilo Tarantelli.