Citigroup has reshuffled its mergers and acquisitions division, promoting Frank Yeary, formerly head of its technology mergers team, to co-head of global M&A, as it attempts to capitalise on an anticipated pick-up in merger activity over the coming months.

Yeary joins Tom King, who will remain as co-head of the group. Yeary will continue to chair the bank's technology, media, and telecommunications mergers team, where he has worked on deals including the $41bn (€33bn) purchase by Cingular Wireless of AT&T Wireless Services.