Citigroup M&A Head Kochman to Exit Bank After 13 Years

One of Citigroup Inc.’s top dealmakers is departing as the New York-based firm seeks to turn around its investment banking franchise.

Cary Kochman, head of global mergers and acquisitions, is retiring immediately, according to people familiar with the matter. Kevin Cox will serve as interim M&A head while the bank seeks a replacement, said the people, asking to not be identified because the details aren’t public.

The departure was announced in a memo to staff Thursday, the people said. A representative for Citigroup declined to comment.

The departure comes after Citigroup Chief Executive Officer Jane Fraser reshuffled the ...