U.S. banking giant Citigroup Inc. today announced an executive shuffle in its investment banking division, with the appointment of Michael Klein as chairman and John Havens as CEO of the Institutional Clients Group, effective immediately.

The ICG is comprised of Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI). Havens has also been appointed chairman of CAI. Klein and Havens will report to Vikram Pandit, CEO of Citi.

Klein was most recently chairman and co-CEO of CMB, with primary responsibilities for corporate client coverage and global transaction services across Citi. Havens was formerly the CEO of CAI. Prior to joining CAI, he was a founder and partner of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager that was acquired by Citi in 2007. Before forming Old Lane in 2005, Havens spent 19 years at Morgan Stanley.

The firm says that today’s appointments reflect Pandit’s commitment to build a culture based on teamwork and the best possible talent; manage Citi’s capital for greater profitability; and create a strong base for future earnings growth through a more streamlined, client-focused organization.

Klein will lead the organization to closer ties with clients and concentrate on building client relationships with prominent corporations, governments and institutions around the world. Havens will be responsible for the management and strategic oversight of ICG as well as for setting the strategy and direction of CAI.