Citi has reportedly appointed its former chief of strategy and mergers and acquisitions as head of its treasury division amid a reorganisation of its operations in the US and Canada.

Zion Shohet becomes treasurer and head of corporate finance, reporting to chief financial officer Gary Crittenden, according to Reuters, which cites an internal memo from Crittenden. He will retain his position as a member of the group's operating committee. The change is effective immediately.