In what seems like an endless stream of write-downs on subprime RMBS and ABS CDO holdings, banks have had to revaluate their positions in the structured finance market, which lately means personnel reorganizations. But not all market participants are convinced that an internal restructuring will help solve the banks' problems.

Citigroup announced a plan of reorganization last week under which there would be more integration between the bank's equity and fixed-income sales and underwriting departments. The combined equity capital markets and fixed-income capital markets groups will form one capital markets origination division with Tyler Dickson leading the group under Jamie Forese. Ward Marsh will continue to head the municipal securities division, while Paco Ybarra will lead the FICC products unit, comprising G-10 rates, FX and local markets, finance and risk treasury, securitized markets, commodities, credit markets, strategy and analysis and the special situations group.

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