Citigroup Inc. is combining its global media and telecommunications investment-banking divisions into a single communications group, effective Feb. 1, The Wall Street Journal reported Jan. 31, citing a company memo.

The consolidated division will be headed by Gordon Kroft, Dan Richards, and Wilhelm Schulz. Kroft leads the investment bank's telecom function for the Americas; Richards serves as global head for media; and Schulz leads the group for mergers and acquisitions for Europe, the Middle East and Africa. In addition, Schulz will serve as EMEA M&A chairman, with a new head of EMEA M&A to be appointed at a later date.

The Journal also reported that the head of technology, media and telecom investment banking and co-head of global M&A, Mark Shafir, will hand over the former position to Herb Yeh and Jan Metzger, and will focus on the latter role. Shafir will remain the lead M&A banker to the technology and the newly created communications groups, the report added.

Citi promoted Christian Anderson and Anthony Diamandakis to co-heads of the investment banking group focused on global asset managers. For the last nine years, Brad Coleman has managed, or shared management of, this group; Coleman will now become chairman of the group, according to the news story.