Citigroup's Ruchi Madan--an Institutional Investor-ranked financial services analyst--is moving to Smith Barney's Institutional Investor Group. Keith Horowitz, mid-cap bank analyst, will take over coverage of large-cap companies as well as continue his own coverage in the interim. A spokesman said a replacement for mid-cap banks coverage will be named in the near future. Madan will continue some coverage of large-cap banks on an interim basis in order to effect a smooth transition of coverage, according to an internal memo. Horowitz has worked at Citigroup for over five years. Two weeks ago, Prashant Bhatia, an analyst who covers online brokerages, was tapped to also cover Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley.

The memo, written by Matt Carpenter, director of U.S. Research, does not say what her new post will be, but notes that she was seeking a lifestyle change and that she can now work with her husband who is an IIG financial advisor. Carpenter and Madan did not return calls.