Citigroup Inc. announced Monday that Michael Klein and Tom Maheras have each been named chairman and Co-CEO of Citi Markets & Banking, effective immediately.

Klein and Maheras had previously served as co-presidents, reporting to Citi Markets & Banking Chairman and CEO Bob Druskin, who earlier this year was named Citi’s chief operating officer.

The pair will jointly chair the Citi Markets & Banking planning group. Klein continues to have primary responsibilities for global banking, which includes corporate and government client coverage worldwide, the investment bank, global corporate bank and global commercial bank, as well as global transaction services. Maheras continues to have primary
responsibility for global capital markets (including Fixed Income, Currencies and Commodities, Equities, and Municipals Businesses), as well as the Citi Markets & Banking regional CEOs and support functions worldwide.

Charles Prince, chairman and CEO of Citi, said, “Michael and Tom are world-class leaders who each bring more than 20 years of experience serving the most sophisticated corporate, government and institutional clients in the world. Citi Markets & Banking is key to our growth plans and I am confident that Michael and Tom will take this business to even greater heights.”

Druskin, COO of Citi, commented, “Having worked closely with Michael and Tom for many years, I could not be more pleased to hand over leadership of Citi Markets & Banking to such talented leaders. They are already off to a terrific start by delivering record revenue in the first quarter for Equities, Investment Banking, Fixed Income and Transaction Services and record net income for Citi Markets & Banking overall.”