Michael Klein, chairman and CEO of the investment banking unit, will jointly run that business with James Forese, a 22-year veteran of Citi who has led the Global Equities division for the last four years, the company said Thursday.
John Havens was named president and CEO of the alternative investment unit, and Guru Ramakrishnan remains president and CEO of that unit's Old Lane division.
Klein, Forese, Havens and Ramakrishnan will all report to Pandit.
"This new operating structure will enable us to continue to use our capital actively but in a more efficient way, keep moving towards higher margin businesses, continue to diversify our sources of business, and employ world class talent that has a relentless focus on serving our clients," Citigroup Chairman and CEO Charles Prince said in a written statement.
Tom Maheras, who had been co-CEO of the investment banking unit, is leaving the company.
Pandit, 50, was a founding member of hedge fund and private equity manager Old Lane and came to Citigroup earlier this year then Citi acquired Old Lane. Before forming Old Lane, Pandit was president and chief operating officer of Morgan Stanley's institutional securities and investment banking business.