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Citigroup has named new leaders to its products and regional investment banking teams as its top dealmakers move to accommodate the new leadership of Chief Executive Officer Jane Fraser.
The U.S. bank has reshuffled a number of its top bankers to fill out the new regional structure that Mr. Fraser laid out in September when he overhauled Citigroup’s business, according to people familiar with the matter.
Following the departure of Alison Harding-Jones, new roles have been given to Barry Weir and Robin Rousseau, who last year became co-heads of M&A for Europe, the Middle East and Africa. Mr Weir will be responsible for the UK, Middle East and Africa, while Mr Rousseau, who will be based in Paris, will oversee Europe.
Meanwhile, infrastructure financing will be transferred to Citi’s investment banking division, which will be led by David Dubin in Europe.
Paul Gibbs, co-head of loans and leveraged finance in EMEA, will take over debt finance in Europe following the departure of Simon Francis in early January. Will Weaver, previously head of EMEA’s fixed income and capital markets division, has been appointed vice chair of the division.
Citi will move a number of senior bankers from top management positions to vice chairman positions to focus on customer relations. Linos Rekkas and Patrick Frohwein, who were promoted to co-head of Citigroup’s banking, capital markets and advisory business in Europe, excluding France, Italy and Ireland, in September, just before the reorganization was announced. held a similar position.
Citigroup has been contacted for comment. The changes were announced to traders on January 23rd.
read Citigroup cuts investment bankers’ bonuses by up to 20% in review
Other changes financial news This means that many long-serving bankers will take on similar new roles to fit into the reshaped regional structure. Other senior trading executives maintained their positions.
In addition to changing some of its units, Citi is reorganizing its traditional regions, including EMEA, into seven so-called “clusters”: Europe, the UK, Latin America, the Middle East and Africa, South Asia, North Asia and Australia, and Japan. are doing. .
Mr Fraser also promised to abolish the co-director role to simplify the organization. This has affected most deal-making functions, which have appointed at least two leaders in various sectors, geographies and product areas in recent years.
The reorganization comes amid widespread cost-cutting, with the bank outlining plans to cut its workforce by 20,000 over the next two years. Mr Fraser said on Citi’s fourth quarter results conference that approximately 5,000 jobs would be lost as a direct result of the review and 1,500 jobs would be affected by the elimination of five tiers of management. Ta.
Fraser also said the bank would seek to minimize reductions in revenue-generating roles.
Citi appointed Tyler Dixon as sole head of investment banking in September, moving his former co-head Manolo Falco to a new division focused on the bank’s biggest clients.
Meanwhile, former Credit Suisse dealmaker Jens Welter was appointed head of investment banking for EMEA and the UK in November, while his co-head Nacho Gutiérrez-Orrantia was appointed head of European banking. and became the cluster manager.
The roles of Citi’s senior dealmakers include: financial news We learned the following from people familiar with the issue:
Barry Weir, Head of M&A, UK and MEA
Robin Rousseau, Head of European M&A
Paul Gibbs, Head of European Debt Financing
David Dubin, Head of European Infrastructure Finance
Will Weaver, DCM Vice Chairman
Linos Lekkas, Vice President Europe and MEA
Patrick Frohwein, Vice-Chairman of Europe
Doug Mackenzie, UK, Europe, MEA Vice Chair Natural Resources
Paul Abrahimzadeh and Russell Chong, Co-Heads of North American Equity Capital Markets
Valery Barrier and Suneel Hargunani, Head of ECM Development and Solutions for UK, Europe and MEA
Peter Brown, Head of Brokerage
Ken Chow and Uday Furtado, Head of ECM Products and Execution for Asia North, Australia and Asia South
John Colmer, Head of Private Placement, ECM
Ken Robins, UK-Europe ECM Vice-Chairman
Robert Way, Head of UK Investment Banking
Marcelo Millen, Head of Latin America ECM
Mr. Taiji Nagasaka, Head of ECM, Japan Investment Bank
To contact the author of this article with feedback or news, email Paul Clarke
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