Citigroup names new leaders for UK investment bank in latest shake-up

Citigroup has promoted a clutch of senior dealmakers to lead its UK investment bank in the latest push at the Wall Street firm to gain market share from rivals.

James Fleming and Jan Skarbek have been promoted to co-heads of banking, capital markets and advisory for UK and Ireland, according to an internal memo seen by Financial News.

Fleming, who is global co-head of equity capital markets, will retain this position, while Skarbek has been promoted from co-heading Citi’s UK investment banking business.

The pair take over from Michael Lavelle, who moved into a new position as chairman of capital markets for Europe, the Middle East and Africa in April, FN reported.

“We want a barbell strategy – large-cap and broking clients are critical, but we also need to continue to develop our mid-cap coverage given the huge impact tech and Fintech will have in UK over coming years,” Fleming told FN.

READ Citigroup targets Wall Street rivals for top spots in investment banking expansion

The US investment bank has also promoted a number of senior investment bankers, part of a renewed investment in the UK, which is the biggest market for deals in Europe.

Andrew Seaton, who has led its corporate broking business for over a decade, has been named chairman of BCMA for the UK and Ireland. Peter Brown replaces him as head of UK corporate broking.

Meanwhile, former JPMorgan banker Andrew Truscott, who has co-headed Citi’s UK investment bank alongside Skarbek, will take sole responsibility for the unit.

“The UK & Ireland is a critical market for our EMEA BCMA ambitions to grow the franchise and represents a globally attractive venue for international businesses to access deep pools of capital and financial services,” the memo from Citi’s head of BCMA for Europe, the Middle East and Africa, Nacho Gutiérrez said.

Citigroup currently ranks third for investment banking revenues for the UK and Ireland, according to data provider Dealogic, with $253m and a 7% market share. JPMorgan and Goldman Sachs hold the top spots.

Gutiérrez took over from Philip Drury as Citigroup’s head of European investment banking in May, and has wasted little time in making changes to its roster of dealmakers. The bank is aiming for the number one spot in Emea, part of sweeping ambitions to displace Wall Street rivals in key markets for its investment bank.

READ Citi names new leaders in European alternative asset managers unit

On 25 June, Citi named a trio of investment bankers to lead a new push into the consumer sector. Emre Eler and Robert Plowman have been named as co-heads of consumer products for Europe, the Middle East and Africa, while Roberto Costa was promoted to head of global luxury investment banking.

To contact the author of this story with feedback or news, email Paul Clarke

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