At the peak of the financial crisis in late 2007 James Forese stepped up to the challenge of helping to re-organise Citigroup’s battered investment bank. This week, the man whose career began as part of Salomon Brothers’ famed class of ‘85 was promoted to chief executive of the division.

Forese, a 25-year Citigroup veteran, was named chief executive of the firm's securities and banking unit, which comprises advisory, underwriting and trading. His promotion was part of a top-level shake up by group chief executive Vikram Pandit. Forese will report to Citigroup's new president and chief operating officer, John Havens.