Citigroup chief operating officer Robert Druskin has handed over responsibility for the Wall Street group's investment bank to the unit's co-presidents to focus on implementing his sweeping reforms that will see the group shed 17,000 jobs and save $10bn (€7.4bn) in costs over three years.

Druskin added the post of chairman to his title as chief executive of Citigroup's corporate and investment bank just five months ago after he was appointed to the operating role and charged by chairman and chief executive Chuck Prince with reviewing the efficiency of Citigroup's different businesses.